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Nollywood Targets to Generate $14.82B by 2025

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A report recently released by the Nigerian Entertainment Conference (NECLive) has revealed that the Nigerian entertainment industry is projected to reach an estimated $14.82 billion revenue in 2025, up from $4 billion revenue recorded in 2013.

The report, titled “Growth, Trends and Opportunity in Nigerian Creative and Entertainment Industry”, was written by NECLive, an entertainment research organisation.

According to NECLive founder, Ayeni Adekunle, the projections are based on the Africa Entertainment and Media Outlook 2023-2027, by PriceWaterhouseCoopers (PwC), a global expert in accounting and business reengineering.

“In 2012, the industry encountered formidable challenges, causing frustration and disillusionment.

“However, that very frustration became the catalyst for a transformative spark, giving birth to the visionary concept of NECLive. This audacious initiative aimed to unite the nation’s finest creative and industry minds, facilitating dynamic brainstorming sessions, fostering invaluable networking opportunities, and showcasing exceptional talent.

“In 2013, the realisation of this dream became a remarkable reality,” Mr Adekunle said.

He said that for the many aspiring actors and actresses who have come into Nollywood and made it big, the growing numbers in revenue stand as a testament to the sweat and work of the last 10 years.

Mr Adekunle also said that the industry has undergone a remarkable shift from struggling to sell music tapes and gain airplay on radio stations to a phase where artists, managers, producers, directors, and labels are thriving on established structures, leading to increased international recognition and acceptance.

According to him, this paradigm shift highlights that music is not merely an art but a substantial source of revenue and that the film and comedy sectors have become intricately linked, transitioning to online platforms to adapt to modern technologies, and fostering sectoral growth.

The report provided an in-depth analysis of the financial performance across various industry sectors over the past decade, spanning from the music industry to film, fashion, and comedy.

Projections indicate an impressive 16.5 per cent Compound Annual Growth Rate (CAGR) in revenue over the next five years. This growth is attributed to various factors, including the rising internet accessibility among mobile users, with an expected increase from 54 million to 78 million subscribers within the timeframe.

Additionally, the surge in streaming platforms and the integration of innovative technology like Generative AI are poised to drive double-digit revenue growth.

The report also delves into the growth, trends, and opportunities in the Nigerian creative and entertainment industry over the last decade and outlines its future expansion plans.

The film sector’s evolution from producing and distributing 1,800 films worth $5.1 billion in 2013 to 2,500 films valued at $6.4 billion currently has positioned Nigeria as the world’s second-largest film producer.

The entertainment industry has undergone a remarkable shift from struggling to sell music tapes and gain airplay on radio stations to a phase where artists, managers, producers, directors, and labels are thriving on established structures, leading to increased international recognition and acceptance.

The era of cassette tapes and DVDs, the group further said, “had given way to a thriving scene marked by sold-out global concerts and tours, international and local awards such as the Grammys, Billboard, BET, MTV Europe Music Awards, and AMVCA, exclusive movie premieres and cinema viewings, topping charts and grossing billions through extensive streaming on digital platforms like IrokoTV, ShowMax, Netflix, and Amazon Prime Video.

“The entertainment industry boasts an impressive track record of milestones, projecting its superstars, projects, and creative works onto the global stage”.

The report stated that “For the many aspiring actors and actresses who have come into Nollywood and made it big, the growing numbers in revenue stands as a testament to the sweat and work put in place within the last ten years and beyond.

“The sector has moved from the production and distribution of 1,800 films worth $5.1 billion in 2013 to 2,500 films worth $6.4 billion and counting. This makes Nigeria the 2nd largest film producer in the world.”

“Amid progress, it’s essential to acknowledge the challenges that once plagued the entertainment industry, such as high cases of piracy, which crippled profitability, and limited funding that hampered creativity as well as lack of international exposure.

“However, today’s landscape, shaped by the internet, streaming platforms like IrokoTV, Billboard, Netflix, and social media giants like Instagram, Twitter, TikTok, Youtube, Facebook, and Snapchat, along with forums like the Nigerian Entertainment Conference (NECLive), which has for the past decade served as gathering for the industry giants, facilitated dialogues, provided solutions, and steered transformative changes within the industry,” the report stated.


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5 Tips Small Business Owners Need to Grow their Business Online

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Small businesses are embracing digitalization and catering to their customer needs through a variety of online channels. With new technologies emerging such as artificial intelligence, there is no time like the present to help your small business grow by taking advantage of the online world.

GoDaddy in this article shares five tips to help your small business grow with an online presence.

It starts with a domain name

When getting started, check availability of domain names for the desired name. A domain name can be considered a business’ piece of real estate and identity on the internet. It is a way for customers to easily find a business online.

Choosing and registering a domain name for your business that’s memorable is increasingly important in an expanding digital marketplace, as it helps to shape your online business identity. If the .com extension is not available, there are many new extensions available, such as: .shop; .co.; .photography; .tech, to name a few, for you to consider which can help define your business. After choosing a domain name register it with a reliable hosting provider right away.

Build a website

Websites help create visibility for small businesses and act as a home base for your business on the internet, even if you have a brick-and-mortar store. A website can help consumers easily find your business, learn about your product offerings and services, and contact you for more information.

A well-designed professional looking website can offer an engaging customer experience with the use of text along with photo images and video. Having a website gives you control over the messaging about your business and can serve as a hub by linking with your social media channels.

Listen to your customers

The growth of your business is directly related to customer satisfaction. Listen to your customers and pay attention to the needs of your target market. Identify their problems and pain points. How can your offerings act as a solution? Is it possible to develop new products to help solve these problems? Engage for customer feedback and keep an eye on customer behaviour changes and audience interests.

Develop a business support system

By developing a strong business support system, entrepreneurs can benefit from new ideas on ways to address a particular issue or ideas for growth. In addition to close family and friends, consider mentors and business coaches who can provide relevant insights into your business.

Review your business plan

Many entrepreneurs make a business plan at the beginning of their business journey, but do not take the time to revisit it from time-to-time. So, analysing aspects of that business plan like target audience and competitors, examining cash flows and what can make the business profitable, while also checking timelines to reach business goals is all equally essential to help ensure continued growth of your business.


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TECNO Pledges to Transform 100 Football Fields in 5-Year Initiative

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In a bold and visionary move, TECNO Mobile has announced a groundbreaking initiative to renovate 100 football fields across AFRICA over the next five years.

This ambitious project, aimed at enhancing community infrastructure and promoting the beautiful game, reflects TECNO’s deep commitment to the spirit of football.

Notably, TECNO’s dedication to the sport is evident with its recent sponsorship at the just-concluded AFCON 2023, where the brand left an indelible mark on the global football stage.

TECNO Mobile’s association with football reached new heights as the brand proudly sponsored the recently concluded AFCON 2023. As a prominent sponsor, TECNO not only showcased its commitment to sportsmanship but also provided a platform for fans to experience the thrill of the game.

The AFCON sponsorship was more than just a marketing endeavor for TECNO – it was a testament to the brand’s belief in the power of football to unite communities and ignite passion.

Building on the energy and enthusiasm generated by the AFCON sponsorship, TECNO has embarked on a transformative journey to renovate and uplift football fields across diverse communities.

The pledge to renovate 100 fields across Africa over the next five years is a tangible expression of TECNO’s dedication to fostering a love for the sport at the grassroots level.

TECNO’s initiative goes beyond mere field renovation; it is a holistic approach to community development. By creating modern, well-maintained football fields, TECNO aims to provide spaces that encourage physical activity, nurture talent, and foster a sense of community pride.

These fields are hubs for social interaction, where families and friends can come together to celebrate the joy of sportsmanship.

As a brand synonymous with cutting-edge technology, TECNO brings its innovative spirit to the football arena. The renovated fields will integrate innovative solutions and modern amenities, aligning with TECNO’s vision of infusing technology into every aspect of life, including sports.

TECNO’s sponsorship at AFCON 2023 and the pledge to renovate 100 football fields underscore the brand’s unwavering belief in the transformative power of football.

As the fields undergo a metamorphosis over the next five years, TECNO invites everyone to participate in this remarkable journey.

This journey goes beyond the boundaries of sport to leave an enduring impact on communities, fostering a legacy of unity, pride, and passion. In TECNO, football isn’t just a game; it’s a bridge that connects hearts and builds a legacy for generations to come.

 

 


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IFC Partners with Triggerfish to Boost Africa’s Animation Sector

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In order to support the growth of Africa’s creative sector and to bring local African stories to the world, IFC has signed a collaboration agreement with Triggerfish, a globally recognized animation studio founded in South Africa.

Triggerfish creates premium animated content for prominent global studios such as BBC, eOne, Lucasfilm, Magic Light Pictures, Netflix, and The Walt Disney Company.

The collaboration agreement will bring IFC’s market expertise to help Triggerfish with its growth strategy so that it can expand its operations, creating new jobs and opportunities in Africa to upskill local talent, particularly for women and youth.

“We are thrilled to be working with Triggerfish to set the stage for a new chapter of growth,” said Makhtar Diop, IFC Managing Director. “This partnership underscores IFC’s commitment to unlock the potential of creative industries and support economic development and job creation in Africa, particularly for women and youth.”

Triggerfish CEO Stuart Forrest said: “At a time when the demand for local African content is booming, this partnership with IFC is a significant step that will propel the growth of the local animation sector and position the industry to reach its true potential.”

The global animation and VFX market was valued at US$ 167.9 billion in 2021 and is expected to reach US$ 401.0 billion by 2030, according to a study by Report Ocean.  The sector in Africa faces problems realizing its potential because of challenges accessing funding, a lack of cutting-edge technology, and limited distribution networks.

The partnership with Triggerfish is another important milestone in IFC’s commitment to support the creative industries sector in emerging markets.

IFC recently signed an agreement with Sony Group Corporation to identify investment opportunities in companies in the creative industries in Africa to support new economic opportunities and create jobs. In June, IFC committed up to $75 million to DNEG, a world-leading visual effects and animation company in India to expand its cutting-edge VFX and animation services.

 


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