• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      How MPC left policy rates unchanged to mitigate COVID-19 impact on Nigerians

      13 hrs

      Finance

      Decent first 2021 auction for DMO, but drive to finance FGN deficit still poses a challenge

      January 26, 2021

      Finance

      Exposing Nigeria’s vulnerabilities: Covid-19, crude oil downsides from weak global macro environment

      January 26, 2021

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Africa Investment Forum

      Davos summit: AfDB asks developed countries to fulfil $100bn yearly climate finance pledge

      16 hrs

      Frontpage

      Africa loses up to $15bn yearly from climate change, laments Adesina, AfDBchief

      18 hrs

      Technology

      Tencent $1trn market cap on hold after 11% stock surge

      18 hrs

      Frontpage

      SDG: Covid-19 magnifies financing gap in developing countries by 70%, says OECD

      January 26, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      TCN chief calls out DisCos’ funding structure for power industry challenges

      13 hrs

      Oil and Gas

      Pipeline repairs cost NNPC N75.23bn in one year  

      16 hrs

      Nigeria Frontier Markets

      Port Harcourt DisCo explains meter distribution strategy

      18 hrs

      Oil and Gas

      Nigeria’s electricity DisCos create imbalance costing N20.5bn in 3 weeks  

      January 26, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Misconstruing Data Protection Officer function within organisations

      January 25, 2021

      Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

Frontpage

Nigeria E&M revenues rose 25% to $3.8bn as PwC puts Africa’s entertainment, media industry in dynamic convergence wave

September 19, 2018977 views0 comments

Nigeria’s entertainment and media industry saw its revenue grow by as much as 25.5 percent in 2017 to $3.8 billion with $605 million of the estimated $764 million rise said to be attributable to internet access.
The figures come to light as Pricewaterhouse Coopers, the global financial services advisory firm, said in a new report released Wednesday that Africa’s entertainment and media () industry has entered a dynamic new phase it called the third wave of convergence.
The PwC report also said that a 21.5 percent compounded annual growth rate (CAGR) is anticipated to 2022, with revenue reaching US$9.9 billion in that year. “Again, Internet access revenue will account for 89.6% of this absolute growth,“ it said.
The report, “PwC’s ‘Entertainment and Media Outlook: 2018 – 2022: An African perspective’ said the borders that once separated the E&M, technology and telecommunications industries are blurring in the battle for the attention of the consumer in a world that is rapidly digitising.
As the mobile device cements itself as the pre-eminent source of the E&M experience, the most disruptive, forward-thinking companies are striving to create an integrated ecosystem suited to this consumer-driven dynamic, the report said.
Vicki Myburgh, entertainment and media leader for PwC Southern Africa, said: “It’s clear we’re in a rapidly evolving media ecosystem that’s experiencing Convergence 3.0. In Convergence 3.0, the dynamics of competition are evolving while a cohort of ever-expanding super competitors and more focused players strive to build relevance at the right scale.”
She said business models are being reinvented so all players can tap into new revenue streams by targeting fans and connecting more effectively with customers to develop a membership mind-set.
“The pace of change isn’t going to let up anytime soon. New and emerging technologies such as artificial intelligence and augmented reality will continue to redefine the battleground. In an era when faith in many industries is at a historically low ebb and regulators are targeting media businesses’ use of data, the ability to build and sustain consumer trust is becoming a vital differentiator,” Myburgh said.

According to the report, South Africa’s E&M industry faced a challenging year in 2017 amidst economic and socio-political uncertainty. Total E&M revenue rose at a comparatively low rate of 6.8% year-on-year to R129.2 billion. A bounce-back in 2018 sees an anticipated 7.6% year-on-year growth, while the CAGR to 2022 is forecast at 6.5%.

“South Africa will see a strong CAGR of 7.6% for consumer revenue to 2022, moving from R93.9 billion in 2017 to R135.7 billion in 2022. Beyond revenue from the Internet segment (buoyed by apps revenue) there are many success stories, most notably that of video games, which will surpass books, magazines and B2B to become the third-highest contributing consumer segment,” the report said.
On the other hand, Kenya’s E&M industry saw 17% year-on-year growth in 2017, again propelled by growth in the Internet sector. An 11.6% CAGR will take the country to US$2.9 billion in 2022, from US$1.7 billion in 2017. Outside of the Internet space, TV and video revenue dwarfs the other segments, the report said.

 

Read Also:

  • Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership
  • Olam Nigeria bags 2020 ‘Employer of Choice’ award in Africa
  • TCN chief calls out DisCos’ funding structure for power industry challenges
  • Africa opens world’s largest single market (4)
  • Africa’s $3bn+ data centre market presents opportunities
Share on Facebook Tweet Email
TagsEM Entertainment Media
PreviousTony Elumelu Foundation announces launch of world’s largest digital platform for African entrepreneurs
NextNigeria investors drown from lack of development

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Olam Nigeria bags 2020 ‘Employer of Choice’ award in Africa
  • Covid-19 ensures company income tax dips 18.3% to N1.4trn in 2020  
  • Analysts weigh up wheat price expectations, following Russian export curbs
  • Insurance fails to address 64% of global economic losses in 2020 – Aon report  
  • How MPC left policy rates unchanged to mitigate COVID-19 impact on Nigerians

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Banking stocks sustain uptick in Nigerian market as NSEASI closes marginally up 0.02%

Frontpage February 21, 2018

1
2

Nigeria’s GDP grows by 2.28 per cent in 2019 Q3 – NBS

Frontpage November 22, 2019

3

Nigeria’s central bank governor says monetary policy offers limited tools for economic recovery

Frontpage August 23, 2017

4

Nigeria’s $2.8bn OPEC deal largesse meets roadblock in Mexico

Energy April 13, 2020

5

Nigeria sues Shell, Eni $1.1b over Malabu oil license

Frontpage December 13, 2018

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.