According to a new report by Price Water Coopers (PwC), dubbed Entertainment and media outlook:2017-2021: An African perspective', Nigeria will be the world's fastest-growing Entertainment & Media (E&M) industry between 2017- 2021. The country currently tops the industry followed by Kenya, Ghana, and Tanzania.
In terms of total E&M revenue, PWC stated that Nigeria was one of the fastest-growing countries in Outlook, but cautioned that the figure must be treated with caution, as a huge proportion of that growth comes from Internet access revenue alone-specifically mobile Internet access revenue.
Of the US$2.8 billion that the Nigerian market will add between 2016 and 2021, all but US$452 million will come from Internet access revenue. The combined elements of TV and video will add nearly US$200 million in revenue growth to 2021.
The report shows that Kenya's E&M industry was worth US$2.1 billion in 2016, up 13.6% on 2015. Revenue is forecast to grow at an 8.5% CAGR over the next five years, hitting the US$3 billion mark in 2020, and totaling US$3.2 billion in 2021. Internet access is the most established industry within the Kenyan market, boasting the largest revenues and one of the highest growth rates to 2021.
Ghana's E&M industry is beginning to gear up. In 2012, total revenue was just at US$214 million, but four consecutive years of year-on-year growth above 25% have led it to revenues of US$685 million in 2016. This is forecast to more than double over the next five years, with revenues of U$1 billion being surpassed in 2019 and a total of US$1.5 billion forecast for 2021, thanks to a 16.5% CAGR.
