Recorded music revenue in Nigeria will increase at a compound annual growth rate of 5.6% over the next five years to reach $40m in 2023, according to PwC, which is tipping the country to be the world’s fastest-growing Entertainment and Media market over the next five years, albeit in percentage terms.
In PwC’s Entertainment and Media Outlook 2019 – 2023 report the company explains that music streaming revenue in Nigeria, the subject of our latest Country Profile, will increase at a 39.6% CAGR over the next five years, to reach $17.5m in 2023, with a boom in mobile internet fuelling the growth.
Paul Okeugo, co-founder and chief operating officer of Nigerian record label Chocolate City Group, says that streaming has a massive potential in Nigeria, despite the country’s limited digital infrastructure. “The potential is massive,” he says. “Most streaming services run on a freemium model, because the paid subscriber base is currently low compared to the population and opportunity, but this will change with time as internet penetration grows and the right pricing models are introduced. The more people can afford data, the more they’ll stream not just music, but movies and TV shows as well.” Read the full Nigeria country profile here.
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