By Tumininu Ojelabi Hassan
The Nigerian entertainment industry is unarguably one of the profitable industries in the country. A report from PwC projects that the fast-growing industry will generate $14.8 billion revenue in 2025. The industry revenue is expected to rise from $7.7 billion in 2021 to $9 billion in 2022, $10.7 billion in 2023, $12.6 billion in 2024 and $14.8 billion in 2025. 85% of this revenue will be generated by access to the Internet.
According to PwC’s Global Entertainment and Media Outlook (2020-2024), Nigeria’s media and entertainment industry is one of the fastest growing creative industries in the world. It has the capability to become the country’s greatest export, with projected annual growth rate of 8.6% and a compound annual growth rate (CAGR) of 19.3% from 2018-2023.
PwC indicates that in 2021, Nigeria’s film industry contributed 2.3% and about N239 billion ($660 million) to GDP and predicts that the industry will increase its export revenue earnings to over $1 billion. The motion picture and music recording industry exceeded 2020 estimated $806 million revenue contributing about N730 billion to the country’s GDP.
The traditional TV and home video segment is the industry’s second-largest market. However, due to competition from other segments, its market share is projected to decline from 9% to 6% contrary to its expected rise from $692m in 2021 to $865m in 2025. Therefore, this led to the key players in the sector capitalizing on the internet wave. For instance, Arise TV, Channels TV and Television Continental (TVC) have advanced towards the internet to retain their relevance in the media sector.
The market share of newspaper and consumer magazine, out-of-home advertising, and TV advertising sub-sectors are expected to reduce to one percent each by 2025 with their revenue at $173 million, $158 million, and $179 million respectively.
The Nigerian Film Industry (Nollywood) is globally recognised as the second largest film producer in the world with the financial value of the film industry put at $6.4 billion as of 2021. Nollywood contributes 2.3 percent to Nigeria’s Gross Domestic Product (GDP) with over 2500 movies produced annually.
According to the Cinema Exhibitors Association of Nigeria, every Nollywood movie that has a theatrical release has collectively grossed more than N800 million, with some of them even making more than double what others did. One of such films is Jade Osiberu’s ‘Brotherhood’, which was released on September 23rd, 2022 in Nigerian cinemas. It grossed over N165 million in less than one month since its release and It has grossed N328, 881,120 in the 14th week of its release. Brotherhood was the number 1 Nollywood film at the box office for 10 consecutive weeks.
Also, Femi Adebayo’s ‘King of Thieves’, which was released on April 8, 2022 in Nigerian cinemas grossed about N317, 792,250. After its successful run at the box office, Prime Video acquired the rights to stream it on its platform.
Streaming platforms like Netflix and Prime video have made watching movies in our comfort zones possible. Quite a number of Nollywood movies had excellent ratings in 2022. One of it is Anikulapo, a Netflix original movie produced by Kunle Afolayan. This Non-English film was released on 30th September, 2022, it was watched for 8.7 million hours within 11 days of its release and was ranked number 1 globally on Netflix. It grossed N12,599,900 in two weeks at the cinemas.
Another Netflix original movie which was released on 28th October, 2022 is Mo Abudu’s ‘Elesin Oba: The King’s Horseman’ The film is an adaptation of Prof. Wole Soyinka’s “Death and the King’s Horseman”. It was ranked Number 1 amongst the top 10 movies in Nigeria within 24 hours of launch. It grossed N4,971,800 within a week of hitting the cinemas.
Other top Nollywood movies released in 2022 include: Mo Abudu’s “Blood sisters”. A 4-part exhilarating series, it ranked number 1 in Nigeria within 24 hours of its launch on Netflix and 11, 070,000 hours of viewing within the first week. Another original Netflix movie is Bolanle Austen-Peters’ “Man of God”. 24 hours after its releaser, it topped the charts in Nigeria and also one of the top ten movies in U.S and Canada.
Far from Home produced by Inkblot productions and written by Dami Elebe is another top Netflix series which ranked Number 1 within 24 hours of its release. Also, Passport produced by Vincent Okonkwo made N86,207,925 within 9 weeks of its release and is one of the top Nollywood movies in 2022.
In addition, Nollywood is wrapping up the year on a good note with its high grossing movies currently showing in the cinemas. One of it is Funke Akindele’s ‘Battle on Buka Street’ which was released on 16th December, 2022. This movie has grossed over N360 million within three weeks of its release, this is the highest grossing title for the weekend in the west African territory and highest one day grossing for a Nollywood film with N41 million.
Another movie currently doing well in the cinemas is Ijakumo (The Born Again Stripper) produced by Toyin Abraham Ajeyemi. This movie was released in cinemas nationwide on 23rd December, 2022 and it grossed over N87 million in just seven days of its release, this is the biggest opening week for a Nollywood film in 2022. It has grossed N136 million in 11 days of its release, making it the 4th highest Nollywood movie of the year 2022.
According to Stears Business, Nigeria’s music industry is the second best-performing entertainment and media consumer market in the world. The study conducted by Statista in Nigeria revealed that the music sector’s revenue grew from 26 million dollars in 2014 to 34 million dollars in 2018. This figure, as projected by Statista is expected to grow to 44 million dollars in 2023.
In 2022, Nigerian artistes outdid themselves which gave them a global recognition. A lot of Nigerian songs received a great number of views across streaming platforms like Spotify, YouTube, Apple Music, Boomplay and Audiomack.
According to Dataleum, the top 10 most viewed Nigerian music videos on YouTube released in 2022 include: Rema’s “Calm down” with 299 million views, Burma boy’s “Last last” with 140 million views, Kizz Daniel’s “Buga” with 107 million views, For my hand by Burna boy ft Ed Sheeran with 70 million views, Finesse by Pheelz ft BNXN with 61 million views, Rush by Ayra Starr with 53.1 million views, No wahala (remix) by 1da Banton ft Kizz Daniel & Tiwa Savage witth 53 million views, Bandana by Fireboy ft Asake with 44 million views, Overloading by Mavin All Stars with 44 million views and Sungba (remix) by Asake ft Burna boy with 35 million views.
The most streamed Nigerian artiste of the year is Burna boy with three billion streams on Spotify. His 2022 album, “Love Damini” was the number 1 Nigerian album on Apple Music in 2022. Also, the album surpassed 350 million streams on Spotify, making it the highest-streamed African album of 2022. The Grammy Award winner recently broke records as he became the first artiste to garner over 600 million views on Boomplay.
In addition to this, his 2022 album “Love Damini” is the fastest growing project, amassing 300 million streams within four months of its release, thereby becoming the first project to collate such numbers on Boomplay. Career wise, It was a successful year for Burna boy as he bagged two awards at the Music of Black Origin (MOBO) Awards which was held on 30th November, 2022. The two awards he received were for the “Best African Music Act, 2022” and “Best International Act, 2022” respectively.
According to TurnTable Charts, in 2022 Asake had the greatest breakout year Nigeria has ever seen. After dominating 2022 with his hit releases, Asake crowned it with his record-breaking debut album “Mr Money with the Vibe”. This album was the number one album 12 weeks consecutively after its release racking up over 292 million streams across streaming platforms.
It also peaked at number one in 26 countries on Apple Music album chart, held 2nd position on billboard world album chart and the first album to have all its tracks occupy the first 12 spots on Apple Music Nigeria Top 100.
To cap the year, The YBNL signee won the “Artist of the year” award at African Muzik Magazine Awards (AFRIMMA), he won the “Breakout Artiste of the year” award at NET honours Class of 2022 and he got his first international award nomination at the MOBO awards 2022 in the Best African Music Act Category. Music Streaming Platform, Audiomack announced Asake as its artist of the year due to the success of his debut album which has become the highest-charting album by a Nigerian artiste on Audiomack which received over 330 million streams on the platform.
Year 2022 was undoubtedly the year of significant wins for the Nigerian Music Industry. One of the major wins is that Six Nigerian artistes featured in the Blank Panther: Wakanda Forever soundtrack. Tems with “No woman, no cry”, Fireboy DML with “Coming back for you”, Burna boy sang “Alone”, CKay sang “Anya Mmiri”, Bloody Civilian and Rema stirred us with “Wake up”, lastly Rema thrilled us with “Pantera”
In addition, Wizkid and Burna boy sold out the Madison Square Garden with 20,789 capacity. This was another win for the Nigerian music industry in 2022. Coupled with this is Davido being on the Qatar 2022 World Cup Official Anthem and he also performed at the World Cup final.
Also, in June 2022, Tems won two awards at the Black Entertainment Television (BET) awards after receiving 3 nominations which were the Best Collaboration with Justin Bieber and Wizkid, Best International Act and Best New Artist. She won the “Best Collaboration and Best International Act” categories.
Some top Nigerian songs which captivated the music lovers in 2022 include: Buga by Kizz Daniel ft Tekno which became the first song to hit 100 million streams on Boomplay, it hit its first million within 24 hours after its release, it set a new record for the biggest streaming week ever, raking in 11.4 million streams in a week and 47.5 million radio streams debuting at Number 2 on radio. The song enjoyed domestic and international acceptance making it the most shazamed song worldwide and the most googled song in Nigeria.
Buga kept Kizz Daniel on Spotify’s top artist chart for 13 consecutive weeks after its release. In the recently announced All Africa Music Awards (AFRIMA) 2022 nominations list, Kizz Daniel gained 5 nominations for his effort in “Buga” including Best Male Artiste in Western Africa, Song of the Year, Artiste of the Year, Best African Collaboration, and Best Artiste, Duo or Group in African Pop.
Another top Nigerian song is Burna Boy’s Last Last, a sample of Toni Braxton’s 2000 single “He wasn’t man enough”. It is the most streamed African song on Spotify with over 145 million streams and among the top 100 songs on Apple Music globally in 2022.
Other top Nigerian songs in 2022 are: Overloading by Mavin All Stars, Asake’s Terminator, Joha, Peace be unto you, Palazzo by Asake ft DJ Spinall, Bandana by Asake ft Fireboy DML, Oxlade’s Ku Lo Sa and Crayon’s Ijo Laba Laba.
Despite the challenges faced by entertainment industry, ranging from Financing, Taxation, Distribution and Marketing Channels, Copyrights infringements and Piracy, it achieved significant growth in 2022 and is the fastest growing industry in the world. The Nigerian entertainment industry still holds the second largest market globally as no stone was left unturned in the year 2022.