The Nigerian entertainment industry is one of the fastest growing creative industries in the world today. The film industry also known as Nollywood is the second most prolific industry in the world and undoubtedly the biggest in Africa. It is globally recognised for its works in music, film, acting, cinematography, script writing among others.
The Nigerian economy depends on agriculture and oil but not on entertainment. This has led to a high rate of unemployment in our society as we see today. The film industry has created job opportunities for over a million people who are currently employed in the Nigerian film industry and has helped to reduce the issue of unemployment in Nigeria. This makes it the largest employer after agriculture. If the government can support the entertainment industry it could just be the final solution in tackling unemployment in Nigeria.
The Nigerian industry produces an average of 50 movies which are released in Nigeria per week because of its high production volume.
That means 50 movies weekly, 2,500 movies annually resulting in revenue generated of $590million annually. Digital consumption has contributed to the film industry
Also, the music sector in the entertainment industry also recorded an abrupt level of growth over the years. There is an increasing number of production in music, studios and even artists which has led to a self-sustaining industry among others. This has helped in production of world class quality music. This industry has been globally recognised and has won outstanding awards in the Grammy Award thereby attracting investments and collaboration from different sources.
Music streaming on online platforms have tremendously helped in revenue making in this industry.
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