As Nigerian thespians gather this weekend in Aba, the commercial city of Abia State, for the annual Best of Nollywood (BON) Awards, experts estimate that the creative industry will gross about N16bn in 2017.
According to Pricewaterhouse Coopers’ 2016-2020 entertainment and media outlook, the Nigerian music industry will pull in an estimated revenue of $51 million (N16bn) from various platforms by 2017 reaching an expected sum of $86 million (N27bn) by 2020.
Nollywood regarded as Africa’s largest movie industry in terms of value and the number of movies produced per year and the second largest film industry in the world in number of annual film productions is estimated to be worth over $800 Million.
If the projections of experts turn out right, then there is a glimmer of hope for the 2017 budget which is already bogged down by poor earnings from oil. The Minister of Information and Culture, Mr Lai Mohammed, only recently declared that the creative industry had the potential of getting the country out of the present economic recession.
Indeed, the Nigerian music industry is also expected to grow year-in-year-out till the year 2020 with digital sales taking over physical sales.
The huge potentials of the Nigerian creative industry has never been in doubt considering the glut of talented practitioners strutting their turf in sectors such as the arts, music and movie making.
Aside the huge financial potential that the creative industry promises, it also generates thousands of employment opportunities and offers a platform to promote latent talent in the very competitive sector.
With the industry set for BON 2016, other notable platforms that have rewarded stakeholders in the industry include the Headies, African Academy Movie Awards (AMAA), Africa Magic Viewers Choice Awards.
BON seeks to reward and celebrate the movie industry’s best and most creative.
This year’s edition is especially symbolic because veteran thespians like Chief Chika Opala a.k.a Chief Zebrudaya of the New Masquerade fame and prolific actress, Sola Shobowale; and filmmaker, Fidelis Duker would be honoured in the special recognition category for their time proven contributions to the growth of the movie industry.
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