By Vivian Eze
The Nigerian entertainment Industry has indeed transited from being lucrative and viable to becoming a key driver of the economy. It is now a fact that Nigeria entertainment sector worth billions of dollars. It is therefore high time for investors in music and high quality movies to storm Nigeria and help in making the industry to grow even more.
African artists are called names in the west, they really struggle to make impact because however good their work may be, they are still looked at as ethnic artist making them inferior to other western artists. The creed of today Nigerians are making Africa proud with songs well written and produced by local and ethnic people that we are called. Most of our artists sing good song with local language but with international flavour.
It is well confirmed that Nollywood film industry is currently rated as the third most valuable film industry behind Hollywood and Bollywood in terms of revenue generation. Nigeria films are hot cakes all over Africa, Europe, and America and lately all over the Caribbean islands. With great cultural performers, writers and fine artists, Nigeria will continue to excel and compete in the world stage.
For Nollywood, it appeared that aggressive social media campaigns, backed with corporate tie-ins, did the trick. From a revenue standpoint, the box office figures have been mind boggling yet difficult to substantiate, with the records shrouded in secrecy. Nigerian musicians have also been smiling to the bank, having experienced a boom in digital sales, downloads and online streaming. Current trends have also shown an increase in the demand for Nigerian films and music. However, this may be a result of the unprecedented popularity of the practitioners, especially on social media. The characteristics challenges, such as piracy and proper distribution channels notwithstanding the Nigerian entertainment industry remains a goldmine.
As the country continues to battle the dwindling oil revenues, divestment is critical, financial and entertainment experts explore how the entertainment sector can be unlocked and developed further, to become a major vehicle for socio economic transformation