Nigeria’s entertainment and media (E&M) industry is growing rapidly, thanks to digital transformation and a young, tech-savvy population.
According to PwC’s Africa Entertainment and Media Outlook 2024–2028, the sector will grow at a compound annual growth rate (CAGR) of 8.6% from 2023 to 2028. This growth rate outpaces other leading African markets such as South Africa and Kenya.
Digital Access, Innovation, and Youth Demand Drive Growth
PwC attributes this growth to several key factors. These include improved internet penetration, government-backed broadband initiatives, and the proliferation of digital platforms.
The Nigerian government aims to provide 90% broadband coverage by 2025, a move expected to accelerate industry expansion.
Udochi Muogilim, PwC Nigeria’s Technology, Media, and Telecommunications Leader, emphasized the role of AI and youth innovation.
“With a youthful population eager to embrace innovation, Nigeria’s E&M industry can harness genAI to unlock new growth,” she said.
CAGR helps track steady industry growth over a period and reveals which sectors are advancing the fastest.
Here are the top 10 fastest-growing entertainment and media segments in Nigeria, based on CAGR:
10. Newspapers, Magazines, and Books (CAGR: 1.0%)
Despite digital disruption, Nigeria’s print industry is seeing modest growth. Revenue will rise from $121 million in 2023 to $127 million in 2028.
Digital subscriptions, e-books, and niche content continue to replace traditional print formats.
This segment held sixth place by market size in both 2023 and 2024, with slight annual increases.
9. Out-of-Home Advertising (CAGR: 1.7%)
Billboards and digital signage remain relevant, especially in cities.
Urbanization and commercial demand will push revenue from $87 million in 2023 to $95 million by 2028.
This segment ranked eighth by size in both years.
8. Business-to-Business Advertising (CAGR: 2.5%)
Corporate marketing remains stable. Revenue will increase from $9 million in 2023 to $10 million in 2028.
Trade shows and networking platforms support this growth. It held tenth place by market size in 2023 and 2024.
7. Cinema (CAGR: 4.8%)
Nollywood drives the cinema sector. Nigeria produces over 2,500 films annually, attracting increasing cinema interest.
Revenue will rise from $8 million in 2023 to $10 million in 2028.
Cinema maintained ninth place by market size in 2023 and 2024.
6. Traditional Television (CAGR: 8.1%)
Despite streaming competition, traditional TV remains strong. Revenue will grow from $673 million in 2023 to $995 million by 2028.
Hybrid content, local programs, and digital upgrades support this growth. It ranked second-largest in both years.
5. Mobile and Fixed Internet Services (CAGR: 8.2%)
Government investment, 5G rollout, and internet access drive massive growth.
Revenue will grow from $7.2 billion in 2023 to $10.7 billion by 2028.
This remains Nigeria’s largest segment, topping the list in 2023 and 2024.
4. Music, Radio, and Podcasts (CAGR: 10.0%)
Afrobeats’ global reach and podcast culture fuel this segment.
Revenue will increase from $124 million in 2023 to $200 million by 2028.
It stayed in fifth place by market size both years.
3. Over-the-Top (OTT) Streaming Services (CAGR: 10.5%)
On-demand content is surging. Platforms like Netflix, Amazon Prime, and IrokoTV are leading the charge.
Revenue will grow from $65 million in 2023 to $107 million by 2028.
It held seventh place by market size in both 2023 and 2024.
2. Video Games and Esports (CAGR: 10.9%)
Gaming is exploding in Nigeria. Revenue will rise from $192 million in 2023 to $322 million by 2028.
Smartphones, esports, and internet access fuel the boom. It remained fourth by size across both years.
1. Internet Advertising (CAGR: 15.4%)
This is the fastest-growing E&M segment. Revenue will grow from $519 million in 2023 to $1.06 billion in 2028.
Social media, e-commerce, and programmatic ads are driving massive digital marketing demand.
It held third place by market size in both 2023 and 2024.
Conclusion: Nigeria’s E&M Sector is Ripe for Innovation
As digital transformation continues, Nigeria’s E&M industry offers massive opportunities for investors, creators, and tech firms.
With a young population, expanding connectivity, and growing global interest in Nigerian content, the sector’s momentum is just beginning.
