Nigeria’s entertainment and media (E&M) industry is on a growth trajectory, driven by rapid digital adoption and a youthful population eager to embrace new technologies.
According to PwC’s Africa Entertainment and Media Outlook 2024–2028, the sector is projected to grow at a compound annual growth rate (CAGR) of 8.6% from 2023 to 2028, outpacing other African markets such as South Africa and Kenya.
The report attributed the growth to several factors, including increased internet penetration, government initiatives to expand broadband access, and the proliferation of digital platforms.
The Nigerian government’s plan to provide broadband coverage to 90% of the population by 2025 is expected to further boost the industry’s expansion.
Udochi Muogilim, Technology, Media, and Telecommunications Leader at PwC Nigeria, emphasizes the role of innovation in this growth trajectory
“With a youthful population eager to embrace innovation, Nigeria’s entertainment and media industry can harness the power of genAI to capitalise on this disruptive force, unlocking new opportunities for growth and development,” she said.
CAGR is used to measure the steady growth of an industry, market, or business over time.
Here are the top 10 fastest-growing segments in Nigeria’s E&M industry based on the annual growth rate (CAGR).
10. Newspapers, Consumer Magazines, and Books
Despite increasing digital competition, the print industry is projected to experience modest growth, with revenue expected to reach $127 million by 2028, up from $121 million in 2023.
This 1.0% annual growth rate reflects a slow but steady shift towards digital subscriptions, e-books, and niche content offerings, even as traditional print circulation declines.
9. Out-of-Home Advertising
While digital advertising dominates, out-of-home (OOH) advertising—such as billboards and digital signage—continues to see investment.
The segment is projected to grow at a 1.7% annual rate, reaching $95 million by 2028. Increased urbanization and demand for high-visibility advertising in commercial centers are key factors sustaining this market.
8. Business-to-Business advertising
Business-to-business advertising remains a stable segment, growing at a 2.5% annual rate, with revenue set to increase from $9 million in 2023 to $10 million by 2028.
Business-to-business advertising remains a stable segment, growing at a 2.5% annual rate, with revenue set to increase from $9 million in 2023 to $10 million by 2028.
While not as fast-paced as consumer-focused digital advertising, continued investment in corporate marketing, trade shows, and professional networking platforms is sustaining growth.
7. Cinema
Nollywood’s growing influence continues to drive the expansion of Nigeria’s cinema industry, with revenue expected to rise from $8 million in 2023 to $10 million by 2028. Producing approximately 2,500 films annually, Nollywood remains a key player in the sector.
With a 4.8% annual growth fueled by increase in local film production, the expansion of cinema chains, and rising audience interest in theatrical releases, despite competition from streaming platforms.
6. Traditional television
While streaming services continue to gain ground, traditional television remains a major force in Nigeria’s media landscape.
Revenue is expected to climb from $673 million in 2023 to $995 million by 2028, reflecting an 8.1% annual growth rate. Hybrid models, digital transformation efforts, and strong local content are helping broadcasters maintain audience engagement.
5. Mobile and fixed internet services
Ongoing investment in broadband infrastructure, 5G rollout, and government connectivity initiatives are fueling growth in this sector.
Revenue is projected to rise from $7.2 billion in 2023 to $10.7 billion by 2028, marking an 8.2% annual increase. The growing number of internet users, coupled with affordable mobile data plans, is driving expansion across Nigeria.
4. Music, radio, and podcasts
With the global rise of Afrobeats and increasing audio content consumption, Nigeria’s music industry is experiencing rapid growth.
Revenue is set to increase from $124 million in 2023 to $200 million by 2028, reflecting an annual growth rate of 10.0%. Streaming services, podcasting, and digital radio investments continue to drive the sector forward.
3. Over-the-Top (OTT) streaming services
As consumers increasingly shift toward on-demand content, Nigeria’s OTT market is projected to grow from $65 million in 2023 to $107 million by 2028, achieving an annual growth rate of 10.5%.
The rise of platforms like Netflix, Amazon Prime, and local services such as IrokoTV, along with affordable mobile data plans, is fueling this surge.
2. Video games and esports
Gaming in Nigeria is experiencing remarkable growth, with revenue expected to climb from $192 million in 2023 to $322 million by 2028.
This represents an annual increase of 10.9%, driven by widespread smartphone adoption, increased internet access, and a rapidly expanding gaming and esports community.
1. Internet advertising
As businesses continue to shift towards digital marketing, internet advertising is experiencing the highest growth across Nigeria’s media and entertainment landscape.
Revenue is set to more than double from $519 million in 2023 to $1.06 billion by 2028, reflecting an annual increase of 15.4%. The expansion of social media, e-commerce, and programmatic advertising is fueling this rapid rise.
As the industry evolves, stakeholders are presented with numerous opportunities to innovate and capitalize on emerging trends.