The PricewaterhouseCoopers (PwC) has projected Nigeria to be among the world’s fastest-growing Entertainment and Media (E&M) industry in the next five years.
This is occasioned by shifting consumer preferences, rapid advances in technology and ongoing disruption to business models.
This growth is complemented by mobile internet access, music streaming, advertising, and other marketing tools.
The new strategic imperative for E&M, according to PwC, is to turn customers into fans by innovating to create the most compelling, engaging, and intuitive user experiences.
The most rapid growth rates in E&M revenues over the coming five years 2019 to 2023 will be in less-developed markets and economies like Nigeria where E&M spending on a per capita basis is generally quite low.
According to the PwC, Nigeria with a 12.1 percent Compound Annual Growth Rate (CAGR) is strongly influenced by surging spending on mobile Internet access, will be the world’s fastest-growing E&M market over the coming five years.
Osakwe Ihugba, the Technology, Information, Communications, and Entertainment Director at Vent Communications said: “Changes in technology, user behaviour and business models have opened up a gap between how consumers want to experience and pay for E&M offerings, and how companies produce and distribute them. The right user experience bridges this gap.
“To deliver it, companies must pursue two related strategies. First, build businesses and brands anchored by active, high-value communities of fans, united by shared passions, values, and interests. And second, capitalize on emerging technologies to delight users in new ways and provide superior user experiences.’’