…As Nollywood grossed ₦3.5 billion in Q1’25
Nigeria’s eminent economist and Chief Executive of Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, has stated that “Nigeria is Africa’s fastest-growing entertainment and media (E&M) market with a projected Compound Annual Growth Rate (CAGR) of 8.6 percent, ahead of Kenya’s 5.2 percent and South Africa 4.2 per cent.”
CAGR is the mean annual growth rate over a period longer than one year that serves as an accurate way to calculate and determine returns for individual assets or investment portfolios.
Rewane said in a recent presentation at Lagos Business School that “in 2023, Nigeria posted 15 per cent annual growth, driven by mobile expansion and digital content demand.”
He added that “Nigeria’s youthful population and digital ecosystem make it Africa’s top destination for E&M investment.”
Highlighting the major trends in the E&M industry in the H1 2025, Rewane said that “music exports surged by 49 percent, fueled by global demand for Afrobeats icons like Burna Boy, Tems, and Rema,” adding that “digital content revenue grew 28 percent (y-o-y), with Nigerian creators exceeding 1.5 billion combined views on YouTube and TikTok.”
According to him, “Nollywood grossed ₦3.5 billion ($2.7mn) in Q1’25, reflecting box office growth and rising international distribution” while “YouTube emerged as a key film platform, boosting local production and access due to its affordability and reach.”
Rewane also said that creative tech startups raised $40 million, with capital flowing into music tech, animation, and virtual event platforms.
In addition, global visibility rose for Nigerian artists as Ayra Starr won BET’s Best International Act; Wizkid sold out the Hollywood Bowl ($248 avg. ticket), and Fela Kuti joined the Grammy Hall of Fame.
He emphasized that the Nigerian music industry is making sustained foray into the global market.
He said: “Burna Boy and Wizkid are the first African artists to headline and sell out major global arenas.
“Rapid ticket sell-outs (O2 Arena in 12 minutes) reflect global demand for Nigerian music.
“Concerts drive revenue across tourism, merchandise, and streaming.
“Afrobeats is now a global genre, reshaping music influence worldwide.
“Live-streamed shows amplify global reach beyond physical audiences.
“These milestones have redefined how African talent is viewed on the global stage.”
According to Rewane, Burna Boy’s performance at London Stadium commanded over 80,000 attendances and grossing between £5 million and £7 million, which is about $6.3 million to $8.8 million.
Also Burna Boy’s show in Paris La Défense Arena pulled 36,585 attendances with a gross income of $2.86 million.
Similarly, Burna Boy’s Madison Square Garden recorded 20,789 attendances and earned between $1.58 million to $1.6 million.
In the same manner, Wizkid’s outing at Tottenham Hotspur Stadium drew 60,000 people and raked in between £3.6 million and£4.8 million, about $4.5 million to $6 million.
Again, Wizkid’s show at O2 Arena for three nights recorded 20,000 attendances per day with a total gross earnings of $12.6 million.
