Nigeria’s entertainment and media industry is on track to generate $5.8 billion in revenue by 2029, according to PricewaterhouseCoopers’ (PwC) latest Africa Entertainment and Media Outlook 2025–2029 report. The forecast highlights Nigeria as one of the continent’s fastest-growing creative markets, driven by digital transformation, mobile consumption, and a surging youth demographic.
The report estimates that the country’s entertainment and media revenue stood at $4.1 billion in 2024, with an expected compound annual growth rate (CAGR) of 7.2 % over the next five years. The key growth drivers include streaming platforms, online advertising, gaming, music, film, and digital publishing. (thewhistler.ng)
PwC attributes Nigeria’s momentum to its “digitally active population” and rapid mobile broadband expansion. The number of smartphone users in Nigeria is expected to surpass 140 million by 2027, providing fertile ground for the growth of streaming services such as Netflix, Showmax, Spotify, and Boomplay — and for local content providers like IrokoTV, Africori, and Audiomack Africa.
Advertising and streaming lead the charge
Digital and internet advertising are projected to grow from $1.4 billion in 2024 to over $2.2 billion by 2029, as brands pivot to social-media and mobile-first campaigns. Subscription video-on-demand (SVOD) and music streaming revenue are expected to more than double in the same period, buoyed by rising content localization and partnerships between telcos and media platforms.
Creative exports and youth culture
Nigeria’s Nollywood, Afrobeats, and comedy scenes remain key exports powering soft-power influence across Africa and the diaspora. With global collaborations — from Burna Boy’s international tours to Kunle Afolayan’s Netflix deals — the industry continues to attract foreign direct investment and diaspora financing.
However, the report cautions that piracy, weak infrastructure, and inconsistent policy enforcement remain critical obstacles.
Expert insight
“Nigeria’s creative economy has reached a point where technology, youth innovation, and capital are converging,” said Chijioke Uwaegbute, PwC West Africa Partner for Entertainment and Media. “The opportunity now lies in formalising the value chain — protecting intellectual property and ensuring creators get paid fairly.”
