Thursday, February 27, 2020 / 04:00PM / United Capital / Header Image Credit: PwC Nigeria
According to the latest
GDP report by the National Bureau of Statistics (NBS), the Motion Pictures,
Sound recording and Music production industry (an industry under the
Information and Communication sector) rebounded from -0.4% y/y in FY-2018 to
+0.2% y/y in FY-2019. This was buoyed by the growth in revenue generated from
the number of movies and music produced during the year.
Notably, the local music
industry continues to dominate the home market and gained further remarkable
ground abroad. However, the local film industry (Nollywood) continues to make
attempts to measure-up with competition from the U.S. film industry
(Hollywood). According to data from the Cinema Exhibitors Association of
Nigeria, 15 Hollywood movies dominated the top20 movies viewed in cinemas
across the country (Nigeria), grossing c. N3.0bn in 2019. Meanwhile, only 5
Nollywood movies made the top-20 list, grossing c. N688.6mn during the year.
Despite the apparent
challenge of high cost of production and piracy that continue to plague the
industry, we expect the music and movies industry to expand further in 2020.
This is on the back of increasing momentum from fee/subscription-based digital
streaming platforms such as Netflix, iRoko, iTunes, Apple Music and Spotify,
which is expected to buoy output from the sector.
Specifically, we believe
the music industry will continue to lead the sector's growth as more Afrobeat
artistes continue to gain global acceptance.
Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019
and 2.27% in Full Year 2019
Financing the Creative Industry in Nigeria -
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