The Nigerian Creative Economy: Beyond Nollywood and the Entertainment Industry
Overview
Nigeria - Media and Entertainment
According to PwC Global Entertainment and Media Outlook for 2022-2026, Nigeria’s media and entertainment industry is one of the fastest growing creative industries in the world. It has the potential to become one of the country’s exports, with projected annual consumer growth rate of 8.8% (CAGR). PwC indicates that in 2021, Nigeria’s film industry contributed 2.3% ($660 million (239 billion naira)) to GDP. They project that the industry will increase its export revenue earnings to over $1 billion. The motion picture and music combined contributed about $1.8 billion (730 billion naira) to the country’s GDP in 2020.
The country’s television and video market grew 7.49% to $806 million in 2020, up from $732 million in 2018. The industry is projected to earn about $900 million in 2023. The market is driven by subscription revenue, which accounted for 72.26% of total TV/video sector revenue in 2018. TV advertising accounts for 21.31% of total revenue, while physical home videos account for 5.33%. Subscription-based movie streaming are very popular in Nigeria, attracting players like Netflix, Iroko TV, and Startimes. Although Netflix subscription has long been available in Nigeria, they made their official debut in Nigeria in February 2020, joining several major distributors of filmed content in Nigeria. In August 2022, Amazon Prime Video announced the launch of the localized version of its streaming service in Nigeria. According to an IMF report, the industry is projected to generate an estimated revenue of $10.8 billion by 2023 and account for 1.4% of GDP. The report indicates that in 2020, Nigeria overtook South Africa in pay TV subscription as the country currently has over 6.9 million pay TV households as of 2021. It is projected to grow to upwards of 7.4 million by 2023. A new study by Research and Markets, shows that Nigeria will contribute about 10 million, or 21.2%, of Africa’s pay television subscribers by 2025.
The music sector of Nigeria’s entertainment industry also recorded significant growth over the years. Stakeholders include artists, musicians, producers, promoters, managers, distributors, and marketers. As of 2021, the music industry employed about a million people and generated over $8 billion for the economy. In the past six years, the growing numbers of new production studios and artists enabled a more vibrant and self-sustaining industry, producing globally recognized music. In this environment, Nigerian musicians have developed a vast spectrum of music genres. The industry has won prestigious awards with artists like Wizkid and Burnaboy claiming Grammy awards, attracting more and more investments..
Which creative industries drive the creative economy of every country?
The industries are the following:
Advertising, architecture, arts and crafts, design, fashion, film, video, photography, music, performing arts, publishing, research and development, software, computer games, electronic publishing and TV/radio.
As Dr. Reuben Abati said on The Morming Show of Arise TV on Thursday, November 23, 2023;
We cannot talk about growing the creative industry without a Cultural Policy.
Do we have a Cultural Policy?
Do we even have a Film Policy for Ñollywood and the Nigerian film industry?
Ñollywood is actually a dysfunctional film industry without a film market.
Without an insurance policy.
Without a single film commission.
Let me just go straight to my critical basics of the economics of the creative industry in Nigeria with an important query. And that's all. There is no need for a thesis on the economic crisis of Ñollywood and the Nigerian film industry.
Currently, the Nigerian film industry is a big canoe with holes and different sorts of characters with different agendas; including the real creative professionals, jobbers and of course the opportunists.
They will make a big
Kafkaesque and Soyinkasque drama.
Only the creatives with bankable assets and products can grow the creative economy. And not those who are expendable liabilities in the creative industry; that collected loans from the Bank of Industry of Nigeria and other banks and cannot account for the loans due to misappropriations and diversions of the millions of naira they collected.
What happened to the N3 Billion Grant of the Project ACT Nollywood launched by the administration of former, President Goodluck Ebele Jonathan, GCFR?
Who were the benefitiaries?
Where are the assets and products of the beneficiaries?
Where are the 75 movies produced?
Where are the students trained in filmmaking?
Until there is a forensic report on the Project ACT Nollywood Grant, any establishment for an investment in the creative industry to grow the creative economy by the federal government lacks accountability.
Read the article on
How The Project ACT Nollywood Grant Was Embezzled - by
*Eyengho, is President, Association of Nollywood Producers, ANCOP, and Vice President, International Federation of Film Producers Associations, FIAPF.
The federal government should have a forensic report on the previous government investments in the creative industry before the establishment of a new initiative for the acceleration of creative economy.
At Technology For Marketing & Advertising (TFM&A) last week, 10 was the number everyone was talking about. The UK’s largest marketing event just got even larger, as over 10,000 marketing, media and advertising professionals walked through the doors...
Technology For Marketing & Advertising 2010 smashes the 10,000 Attendee Mark With a 10% Visitor Increase, in its 10th Anniversary Year.
* OVER 10,000 ATTENDEES OVER 2 DAYS * 10% INCREASE IN VISITOR NUMBERS * 10 TREMENDOUS KEYNOTES * 10 YEARS OF TFM&A GROWTH
London, March 30 /PRNewswire/ — At Technology For Marketing & Advertising (TFM&A), 10 was the number everyone was talking about. The UK’s largest marketing event just got even larger, as over 10,000 marketing, media and advertising professionals walked through the doors of Earls Court 2 on Tuesday 23 and Wednesday 24 February to attend what has been described by Chris Underhill, CEO of smartFocus as “the busiest we have ever seen the show”.
TFM&A has enjoyed phenomenal growth since its launch 10 years ago. Back in 2001 TFM was a niche technology show focusing largely on CRM and Data solutions. With the explosion of digital within the industry, and the strategic addition of the ‘advertising’ arm to the show in 2007, TFM&A’s growth has been unprecedented with visitor numbers growing cumulatively by 107% in the last 3 years alone (4,544 visitors in 2007 – ABC Audited; 9,392 visitors in 2010 – pending ABC Audit).
Group Director Mark Snell, who launched the event in 2001 as Event Director and has been involved in all 10 events, says:
"To see any launch event through to its tenth year creates a sense of huge pride, but to see the amount of growth that TFM&A has achieved is truly elating. Every year we have been able to say it's our most successful event to date but I'm especially delighted that we have gone past the 10,000 attendee mark in this our 10th year. I'd also like to express our appreciation for the tremendous, ongoing support of all our customers, and the wider marketing & advertising communities. Thanks to them this year more than any has seen the show team really embed and extend still further TFM&A's long established market leading position."
The smashing of the 10,000 mark (total attendance 10,656 pending ABC Audit) was accompanied by a 10% increase in visitors attending the show, sourcing solutions from the 180 exhibitors and attending the comprehensive free seminar programme and ‘tremendous 10’ keynotes.
Event Manager, Natasha Berrow, comments: "The visitor numbers over the 2 days are a real reflection of the buoyancy currently being reported within the marketing industry. Professionals are actively seeking out new investment opportunities and taking valuable time out of the office to keep up-to-date with what's going on in their industry. TFM&A's success reinforces the optimism that we are all feeling for the year ahead."
Response from the suppliers exhibiting at the show was also overwhelming, with many claiming to have had their best show ever, with both footfall and quality of visitors the highest they’ve ever seen, and exhibitor re-bookings for TFM&A 2011 a record 83% of the 2010 show.
“TFM&A provides the right audience for us – attending with a budget to spend, who understand the complexities of digital marketing. We’re extremely happy, having launched a new technical product which was received extremely well by attendees at the show. We’ve already re-booked for 2011 – and upgraded our stand!” Rob Pierre, Managing Director, Jellyfish.
“smartFOCUS have been with TFM&A since the launch event 10 years ago and every year our expectations are met and often surpassed! 2010 has been the busiest we have ever seen the show plus the quality of attendees has been excellent. We saw first hand how the very popular educational programme empowers marketers to make the right purchasing decision on the show floor. TFM&A is an essential part of our marketing plan and we’ve already re-booked our stand for 2011.” Chris Underhill, Chief Executive Officer, smartFOCUS.
"TFM&A continues to be the place to be for meeting marketers looking for technology platforms - and allows us to set the stage for the rest of the year. The 2010 event was unbelievably busy, noticeably more so than in 2009 and the visitors were of a good quality. We are very happy with how the event went for us and the number of sales leads we generated." Riaz Kanani, Director of Product Marketing, Silverpop.
“This is the best show we have attended in 2009 – 2010!” Tony Argyrson, Director – Sales, Iomart.
“This was the first show we have exhibited at with our new brand InfogroupUK and we’ve had real genuine interest from a high level of attendees. The show itself has a great buzz about it, and it’s been really busy as the education programme is so popular. We’ll definitely be back for TFM&A 2011!” Carly Ferguson, Marketing Executive,InfogroupUK
And it wasn’t just the exhibitors singing TFM&A’s praises. Feedback from visitors gathered onsite and through social media monitoring demonstrated that increasing capacity to reduce queuing for the seminars had worked to good effect.
“I was recommended to attend TFM&A by colleagues, and it definitely met my objectives: to hear people speak about new ideas and speaking to companies offering technical solutions. I attended some of the free seminar sessions, and followed up with exhibitors, allowing me to network and catch-up with new and existing suppliers.” Data Intelligence Manager, B&Q.
“TFM&A is the most important show for social media and networking in my event calendar.” Social Media Manager, Adjust Your Set.
“I was at TFM&A 2010 looking specifically for exhibitors offering SEO/database management services & solutions, and to gather information. I made some really good contacts with suppliers, and as it was my first show, I will definitely be coming back next year!” Managing Director, Standing Ovation Enterprises.
“It’s great to mix with similar people in industry, and I attended a few keynote sessions which were excellent. I’ll be recommending this show to my peers.” IT Analyst, Johnson & Johnson.
“I’ve been attending TFM&A for a few years and use the show as a great place to meet and network with new and existing clients & suppliers. There’s been a really good quality of exhibitors this year and I attended seminars on both days, which were great. I would definitely recommend the show.” Marketing Manager, Volt.
With more sessions that ever before, the free education sessions were packed to the rafters with 6126 seats filled during the 2 day seminar programme which comprised 5 themed seminar theatres covering digital marketing, content management & ecommerce, online advertising & social media, CRM & campaign management software, and data & marketing analytics. A further 788 attended the ever-popular CIM Marketing Experience, 629 visitors experienced first-hand digital expertise in the Econsultancy Integrated Marketing Training programme, and the brand new Sift Social Media for Marketing Theatre also drew huge crowds with 580 visitors in attendance and many spilling out into the aisles not to miss it.
The ‘tremendous ten’ keynotes were delivered to a crowd of 3320 and featured Google, Econsultancy, AMV.BBDO, YouTube, Gyro:HSR, industry guru Dr Dave Chaffey, Facebook, digital media visionary Jay Stevens of The Rubicon Project, and an exhilarating CRM panel debate hosted by MyCustomer.com and featuring Microsoft, RightNow, Salesforce.com and Oracle. To accommodate demand, all sessions were filmed and will be available online to all attendees.
The showfloor presented a diverse range of digital, data and CRM solutions from industry leading suppliers, and was this year supplemented by the brand new Direct Marketing Zone, ensuring visitors needing truly integrated marketing & advertising campaigns were well catered for. A record 83% of stand space was rebooked for the 2011 event, with all key stand positions rebooked onsite, firmly confirming TFM&A’s position as the UK’s leading event for the marketing & advertising industry.
Unveiled at TFM&A was the launch of new co-locating event for 2011, Online Advertising & Affiliate Expo. Organised by UBM Live and out of the same successful portfolio, run by Group Director Mark Snell and Event Director Simon Mills, as TFM&A and Internet World, OA&A Expo will be a focused event bringing together advertising, media & publishing professionals. Its unveiling was met with much excitement by exhibitors, and research carried out to TFM&A and Internet World visitors found that 81% strongly agreed / agreed that they would attend an event covering all online advertising requirements alongside TFM&A.
More information on the launch can be found at: www.oaa-expo.co.uk
TFM&A is broadening its horizons in its tenth year with the first stage of its global roll-out. The team from TFM&A China, taking place 25-26 August in Shanghai, secured at least 6 exhibitor bookings while meeting with exhibitors at TFM&A.
TFM&A’s sister event, Internet World, is taking place 27-29 April and visitor registrations and exhibitor bookings confirmed so far indicate this will also be a roaring success for anyone providing online business and digital marketing solutions.
Notes to Editors:
Photography A selection of photographs from TFM&A 2010 is available. If you require any images to support this release please email lydia.simpson@ubm.com.
About Technology For Marketing & Advertising Technology For Marketing & Advertising is the UK’s only integrated marketing-solutions event delivering data, CRM, direct and digital solutions for marketing, media and advertising professionals. With increased visitor numbers year on year, the event moved from Olympia to Earls Court 2 in 2008. Total attendance to TFM&A 2009 was 9,643 of which 8,263 were pure visitors (ABC Audited) – an increase on 2008 visitors of 21% (ABC Audited).
TFM&A offers visitors access to a full range of marketing & advertising solutions to implement and deliver successful strategies and campaigns. For more information go to www.t-f-m.co.uk.
About UBM Live UBM Live is a leading international provider of integrated media solutions. Working throughout various market sectors including Air Traffic Control, Care, Customer Management, Digital Marketing, Energy, Facilities Management, Fire, Health & Safety, Interiors, Leisure, Security and Venues, UBM Live produces a wide range of exhibitions, awards & events, publications, conferences, digital products and directories.
Amongst its brands, UBM Live boasts: ATC Global, Decorex, IFSEC, Interiors, International Confex, Internet World, TFM&A and The National Business Awards. UBM Live’s brands also have international replication in China, India, South Africa and UAE. UBM Live is part of United Business Media Limited (LSE: UBM.L), one of the world’s leading business media companies which employs more than 6,500 people in more than 35 countries. For more information go www.ubm.com.
