The
Internet will be a key driver for the Nigerian economy, where the number of
mobile Internet subscribers is expected to surge from 7.7 million in 2013 to
50.4 million in 2018.
Nigeria’s
entertainment and media revenues will reach an estimated US $8.5bn in 2018,
more than doubling from the 2013 figure of US $4.0bn at a CAGR of 16.1 percent.
“This
represents one of the fastest growth rates in the world,” said PwC in a recent
report.
The
report also predicted that television in the form of advertising and
subscriptions and licence fees, will also become a US$1 billion-plus market in
2018, while the market will grow steadily.
According
to recent data released by the Nigerian Bureau of Statistics (NBS), motion
pictures, sound recording and music production represent 1.2 percent of nominal
GDP, amounting to just under N1 trillion.
The
bureau, in its 2014 second quarter report issued in Abuja, said that motion
pictures,
