Nigerians spend N1trillion on entertainment

With further growth projected in 2015 Nigeria’s entertainment and media industry would likely worth over USD5 billion (about N1.0 trillion) by end of the year, despite excruciating impact of piracy on the industry.PricewaterhouseCoopers (PwC), world’s leader in management and financial accounting, research report during the week has indicated that the consumer spend on the industry was worth USD4.0 billion (about N1.0 trillion) as at end 2014, while analysts at the firm said growth is expected to rise further this year by over 20 per cent to reach a new height of USD5 billion mark.

But the report also indicated that while Nigerian entertainment market would be the fastest world-wide, average five-year growth rate may decline to 15.1 per cent.

The 2014 growth rate, according to PwC report titled, ‘’Annual Global Entertainment and Media Outlook (South Africa-Nigeria-Kenya)’’, was 19.3 per cent. It projected that the Nigerian entertianment and media market will more than double its 2014 value by 2019, hitting USD8.1 billion (about N1.62 trillion).

Now in its 16th year, the PwC’s report provides a single comparable source of five-year forecast and five-year historic consumer and advertiser spending data and commentary, for 13 entertainment and media segments across 54 countries including Nigeria.

The growth, according to the report, is now technology-driven as after more than a decade of digital disruption, the African entertainment and media industry entered a new landscape, one where the media is no longer divided into distinct traditional and digital spheres.

As in South Africa, the internet will be the key driver of growth for Nigeria. Television, comprising revenue from TV advertising and subscriptions, will be the other main driver.

However, according to the report, ‘’piracy continues to remain a problem in Nigeria, limiting growth across several entertainment and media sectors’’.

Excluding internet access, television, filmed entertainment and video games are the areas where Nigerian consumers are expected to spend the most over the next five years, the report stated.

Consumer spend on video games and music is set to see the sharpest rise in the forecast.

According to the report ‘’it’s increasingly clear that consumers see no significant divide between digital and traditional media: what they want is more flexibility, freedom and conve