Media - Nigeria | Statista Market Forecast

Revenue in the Media market in Nigeria is projected to reach US$5.30bn in 2024.
The largest market within this market in Nigeria is Games, which is expected to have a market volume of US$2.32bn in 2024.
In a global context, the highest revenue will be generated the United States, with a figure of US$541.20bn in 2024.
Furthermore, in the Media market in Nigeria, 37.80% of total revenues is anticipated to be generated through digital Media market by 2029.
Nigeria's media landscape is increasingly embracing digital platforms, reflecting a shift towards online consumption among a youthful and tech-savvy population.

Definition:

The media market encompasses a diverse array of platforms and channels that facilitate the creation, distribution, and consumption of content, such as news, entertainment, and information. It includes traditional outlets like television, radio, and print publications, as well as digital platforms like social media, streaming services, and online news websites. This market plays a central role in shaping public discourse, cultural trends, and the dissemination of information on a global scale, making it a critical component of modern society.

Structure:

The market consists of several parts, namely Books, Games, Music, Radio & Podcasts, Newspapers & Magazines and TV & Video. These markets encompass digital and traditional revenues.

Additional Information:

The market comprises revenues, users, average revenue per user, penetration rates and advertising spendings. Revenues are generated through purchases, subscriptions, consumer spending or ad spendings. Key players of the market are companies, such as Netflix, Spotify, Activision or Amazon.
Market numbers for all the digital markets can also be found in the Digital Media topic.

Traditional media with non-digital revenues from TV, radio, music, print, and video games
Digital media with digital revenues from OTT video, music streaming, video games, digital versions of Newspapers & Magazines with ePapers & eMagazines, and eBooks

Movie theater ticket sales
Public licence fees collected in form of a tax (e.g. income tax in the Nordic countries)
Demo/trial versions
Esports & gaming advertising revenues

The Media market in Nigeria has been experiencing significant growth and development in recent years.

Customer preferences: Nigerian consumers have shown a strong preference for digital media platforms, with a growing number of people accessing news, entertainment, and other media content through their smartphones and other mobile devices. This shift in consumer behavior has led to a surge in demand for online advertising and digital content creation. Additionally, there is a growing interest in local content, as Nigerians seek media that reflects their own culture and experiences.

Trends in the market: One of the key trends in the Nigerian media market is the rise of social media platforms. Nigerians are active users of platforms such as Facebook, Twitter, and Instagram, and these platforms have become important channels for news dissemination and entertainment. This trend has led to the emergence of social media influencers who have a significant impact on consumer behavior and brand promotion. Another trend in the market is the increasing popularity of streaming services. With the improvement in internet connectivity and the availability of affordable data plans, more Nigerians are subscribing to streaming platforms for their entertainment needs. This has led to a decline in traditional television viewership and an increase in demand for original digital content.

Local special circumstances: Nigeria has a large population, with a significant portion of the population being young and tech-savvy. This demographic profile has contributed to the growth of the media market, as young Nigerians are early adopters of new technologies and are more likely to consume media through digital platforms. Additionally, Nigeria has a vibrant entertainment industry, known as Nollywood, which produces a large number of movies and TV shows. This has created a strong demand for media content and has led to the growth of the media market.

Underlying macroeconomic factors: Nigeria is experiencing economic growth, with a rising middle class and increasing disposable incomes. This has led to an increase in consumer spending on media and entertainment. Additionally, the government has been implementing policies to promote the growth of the media industry, including tax incentives for media companies and the development of infrastructure to support digital media. In conclusion, the Media market in Nigeria is developing rapidly due to customer preferences for digital media platforms, the rise of social media and streaming services, local special circumstances such as a large and tech-savvy population, and underlying macroeconomic factors such as economic growth and government support. As the market continues to evolve, it is expected that digital media will play an increasingly important role in the Nigerian media landscape.

Data coverage:

The data encompasses B2C enterprises. Figures are based on media spending (on traditional media as well as digital media). All monetary figures refer to consumer spending on digital goods or subscriptions in the respective segment. This spending factors in discounts, margins, and taxes.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Online video streaming has visibly transformed the global media landscape and impacted viewing behavior around the world. Driven by rapid leaps in internet adoption, widespread availability of mobile devices, and the ever-increasing popularity of online video content, the global video streaming market has experienced unprecedented growth in the last decade. In 2023, the over-the-top (OTT) video revenue reached an estimated 288 billion U.S. dollars, with the United States accounting for the largest share of revenue worldwide. Considering that the list of international streaming services and the catalog of online video content continue to expand at a rapid pace, the number of OTT users worldwide is expected to reach new heights in the future.