Nigeria’s Highest Earning Entertainment Industries

With the massive developments in the digital world, the vast spectrum of entertainment industries all across the globe has seen rapid developments. Of course, this includes Nigeria as well. The music, game, and film industries have all been on an uprising in recent years, and tons of people foresee that the growth will only continue.

Nollywood

Being amongst the largest film industries such as Hollywood, or Bollywood, Nollywood is a billion-dollar industry, which currently is more popular than it ever was. The highest grossing Nigerian films of all time were all made in the late 2010s and early 2020s, demonstrating how there is a lot of potential for growth, with movies such as “Battle on Buka Street”, “The wedding party” and “Omo Ghetto: the saga” – all generating well over 500 million Nigerian Naira.

Despite its current popularity and substantial contributions to the Nigerian economy, the film industry did not start with the same level of success. It took until the 1960s, with the Declaration of Independence for local African filmmakers to be the ones who produced their movies. Then, in the 1970s, with the economic boom, Nollywood’s success also skyrocketed. The largest city, Lagos, started showing a mix of international and local films for the people.

Excluding the 1980s, there was steady and consistent growth for the industry, until we eventually got to the point where we are today. Nollywood has many notable filmmakers to thank, such as Kunle Afolayan, Omoni Oboli, and Kemi Adetiba for making it so far. With new talent replacing the old, the sky is the limit for the industry.

Many experts have theorized that the next big step for Nollywood would be the opening of cinemas in many more Nigerian cities, as well as, the use of popular streaming platforms like Iroko TV and Netflix. There are well over a billion Africans residing in the world currently, and provide as many of them as possible with good quality entertainment, is definitely going to skyrocket the industry to even greater heights.

Gaming in Nigeria

Since the number of internet users in Nigeria has surpassed the 100 million mark, it is only natural to predict how the gaming industry will grow and expand in the country. Taking into account the youth of the country’s population, and how 70% of it is under the age of 30, many experts predict the skyrocketing of casual gamers by the year 2025.

Similar to popular online roulette games in Canada and other countries globally, Nigerians can also indulge in real-money betting options. Regulated by the National Lottery Regulatory Commission, Nigerian casino platforms allow users to play games from home or on the go, including table games like European or American roulette. Some examples of such platforms are 1xBet, 22Bet, Bet9ja, and others, which contribute to the current worth of the Nigerian gaming market in early 2023 of around 176 million US dollars. The above-mentioned factors of the rising number of young gamers are far from the only contributing factors to these statistics. More and more influencers and gamblers appear every day on social media, sharing the excitement with their massive audiences.

These influencers range from casual gamers, the ones who mainly hook their audience through humor and commentary, and the ones who take their games a bit more seriously, and use their skill as their main attraction. While the first option on the spectrum is a lot more relatable, there are many who dedicate enough time to video games, and eventually, get to the point where they start competing professionally in the up-and-coming E-sports leagues.

E-sports or electronic sports is nothing that is unheard of in Nigeria. In fact, the Nigerian E-sports Federation takes it very seriously. Long term, they hope to achieve consistent success on a global scale in various different game genres, as well as, in their own words, educate the masses about what E-sports are, and what their potential benefits may be.

Nigerian music

Music is a huge part of not only Nigerian but also African culture. It has a significant history and many development stages that eventually culminated in what we see today, an industry big enough to generate revenue of two billion dollars yearly.

Initially, the music served a niche, functional purpose, often accommodating rituals like weddings and funerals. Eventually, in the 1930s we would get what is now known as the Juju style. Pioneered by Tunde King, the genre would become incredibly popular among locals.

In the 1950s, with the development of musical instruments, the Juju style also changed. King Sunny Ade would later incorporate electric guitars, synthesizers, and vibraphones to push the genre to new limits. His unique sound even earned his band a Grammy nomination, notably the first ever Nigerian to accomplish this all the way back in 1983.

Jazz is also a genre that was quite popular in Nigeria, initially getting a strong foothold due to the musician Fela Ransome-Kuti, and his band Koola Labitos. They would start out playing in inns, gathering all the jazz enthusiasts and inspiring many future generations, such as “The jazz preachers”, and the “All-star group”.

Currently, though, mainstream music is referred to as “Afropop”. It is not as complex as Jazz for example, but that fact comes with some advantages. The genre is easily digestible and enjoyable for all. That is precisely why it is heard everywhere, including nightclubs, weddings, and festivals. Many Nigerian artists have collaborated with global-scale musicians such as Snoop or Drake, solidifying the success of the industry further.