A report by Pricewaterhouse Coopers (PwC) has said Nigeria will be the world’s fastest-growing Entertainment & Media (E&M) industry between 2017– 2021.
The multinational professional services network company based in London said, Nigeria has benefited from the powerful online tool that provides deep knowledge and actionable insights about the trends that are shaping the E&M industry.
The report by PwC’s is a forecast of consumer and advertising spend data as well as related commentary for 17 entertainment and media segments, across 54 countries including Nigeria.
According to the latest report by PWC, Nigeria with a 12.1 per cent Compound Annual Growth Rate (CAGR), will be the world’s fastest-growing E&M market over the coming five years while the slowest-growing will be Japan, growing at a 1.7per cent CAGR.
The report released on Thursday stated that consumers in mature markets such as North America and Europe, and wealthier Asia-Pacific markets, spend a lot — more than $500 per capita annually — on entertainment and media, growth rates are relatively slow in these areas.
In contrast, less developed economies feature much lower per capita spending and faster growth albeit from a very low base – less than $50 a year in many cases.
In a statement, Technology, Information, Communications and Entertainment (TICE) Industry Leader at PwC Nigeria, Femi Osinubi, said, “A raft of 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.
He explained further that, “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.”
The report noted that dramatic shifts are underway in how entertainment and media companies compete and generate value, as the quality of the experience they deliver to consumers becomes their primary basis for strategic differentiation and revenue growth.
“To thrive in a marketplace that is increasingly competitive, crowded, and slower-growth, therefore, companies are developing strategies and building capabilities to engage and monetize their most loyal and passionate users — their fans.
This means they must combine compelling content with breadth and depth of distribution, and then connect it all to a great user experience, where content is discoverable easily on an array of screens and at an attractive price,” the report added.