The Nigerian entertainment industry has undergone a remarkable transformation in recent years, evolving from the era of cassette tapes and DVDs into a global powerhouse of creativity and innovation. The industry now boasts sold-out international concerts, prestigious awards like the Grammys, Billboard, BET, MTV Europe Music Awards, and the Africa Magic Viewers’ Choice Awards (AMVCA), exclusive movie premieres, and chart-topping hits. Nigerian entertainment is thriving on digital platforms like IrokoTV, ShowMax, Netflix, and Amazon Prime Video, where it generates billions in revenue.

Recent findings from the PWC Africa Entertainment and Media Outlook 2023-2027 highlight this growth, with projections indicating a 16.5 percent Compound Annual Growth Rate (CAGR) in revenue over the next five years. This surge is driven by factors such as increased internet accessibility among mobile users, which is expected to rise from 54 million to 78 million subscribers. Streaming platforms and emerging technologies like Generative AI are also contributing to the industry’s double-digit revenue growth. According to the NECLive report, the industry is projected to grow from $4 billion in 2013 to an estimated $14.82 billion in 2025.

The industry has made a significant shift from struggling with music sales and airplay on radio to thriving with robust structures that support artists, managers, producers, directors, and labels. This transformation has not only increased local recognition but has propelled Nigerian talents to global acclaim, establishing music, film, and comedy as major revenue-generating sectors.

Nollywood, Nigeria’s film industry, is now recognized as the world’s second-largest film producer, having grown from producing 1,800 films worth $5.1 billion in 2013 to 2,500 films valued at $6.4 billion today. This growth reflects the tireless work of actors, producers, and filmmakers who have built the sector into a global force.

Despite the industry’s many successes, challenges such as piracy, limited funding, and a lack of international exposure once hampered growth. However, the rise of the internet, streaming services like IrokoTV, and social media platforms such as Instagram, Twitter, TikTok, and YouTube have played a pivotal role in overcoming these obstacles. Additionally, the Nigerian Entertainment Conference (NECLive), founded by Ayeni Adekunle Samuel in 2013, has been a cornerstone of the industry’s progress. NECLive has provided a platform for industry giants to discuss solutions, network, and shape the future of Nigerian entertainment.

Ayeni recalls that in 2012, the industry faced immense challenges that sparked the creation of NECLive, a visionary initiative aimed at bringing together Nigeria’s best creative minds. This platform has fostered innovation, networking, and collaboration, driving the growth of the industry to new heights.

As Nigeria continues to redefine its creative landscape, the industry’s future looks bright, with opportunities for further expansion and global dominance. The recently released NECLive report outlines the industry’s growth trends and provides a roadmap for continued success in the coming years.