•South African and Nigerian flags
Nigeria’s entertainment and media industry is projected to hit $5.8 billion by 2029, driven by digital expansion and youthful audience, according to a new report by PricewaterhouseCoopers (PwC).
The report, titled Africa Entertainment and Media Outlook 2025–2029, revealed that Nigeria recorded 11.2 per cent growth rate in 2024, the highest in Africa, ahead of Kenya’s 7.1 per cent and South Africa’s 6.2 per cent, reports The Guardian.
PwC said, “The African entertainment and media sectors continue to outperform global benchmarks, displaying resilience in the face of ongoing macroeconomic challenges.”
According to PwC’s data, Nigeria’s total entertainment and media revenue rose from $2.5 billion in 2020 to $4.1 billion in 2024, and is projected to reach $5.8 billion by 2029, representing a compound annual growth rate (CAGR) of 7.2 per cent.
Digital platforms continue to drive this growth, with mobile and fixed internet services remaining the backbone of the sector, rising from $3.3 billion in 2024 to $4.7 billion in 2029.
Internet advertising is also expected to grow from $246 million to $438 million within the same period, while music, radio, and podcasts will climb from $67 million to $85 million.
The report showed that video games and esports will grow from $194 million in 2024 to $260 million in 2029, while OTT video streaming will increase from $29 million to $43 million.
PwC projected that gaming and esports will overtake traditional television in Nigeria by 2028, a year before the global trend, fuelled by mobile adoption and a growing digital audience.
It stated, “Gaming and esports are on track to overtake traditional television globally by 2029. Nigeria emulates this trend one year earlier, with gaming taking the lead in 2028.”
PwC noted that advertising remains the biggest source of revenue globally and regionally, projecting that digital ads will account for 84 per cent of Nigeria’s total advertising spend by 2029.
“By 2029, global advertising revenue is projected to exceed consumer spending by more than $300 billion,” the report added.
The report also highlighted the growing influence of artificial intelligence (AI) on media production and audience engagement.
PwC said, “Generative AI is emerging as a transformative force in the entertainment and media industry, enhancing content creation, recommendation engines and customer engagement.”
It added that live entertainment and esports have rebounded with music concerts and festivals now surpassing pre-pandemic revenue levels.
PwC emphasised that internet connectivity remains the foundation of the entertainment economy, accounting for over 80 per cent of total E&M spending in Nigeria.
It stated, “Connectivity remains the largest segment of the entertainment and media industry.”
