Key regions: Asia, United Kingdom, China, Germany, Japan
The Traditional TV & Home Video market in Nigeria has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Nigerian consumers have shown a strong preference for traditional TV and home video content. This can be attributed to several factors, including the cultural significance of television in Nigeria and the popularity of local programming. Nigerian consumers enjoy watching a wide range of content, including movies, TV shows, and sports events. They also appreciate the convenience of watching this content from the comfort of their own homes.
Trends in the market: One of the key trends in the Traditional TV & Home Video market in Nigeria is the increasing adoption of digital television services. As technology continues to advance, more Nigerian households are transitioning from analog to digital TV, which offers better picture quality and a wider range of channels. This trend is expected to continue in the coming years, as the Nigerian government has set a deadline for the complete switch-off of analog TV signals. Another trend in the market is the growing popularity of streaming services. Nigerian consumers are increasingly turning to online platforms to access their favorite TV shows and movies. This trend can be attributed to the increasing availability of high-speed internet connections and the affordability of smartphones and other connected devices. Streaming services offer a wide selection of content, including both local and international programming, and provide consumers with the flexibility to watch their favorite shows at their own convenience.
Local special circumstances: Nigeria is home to a vibrant film industry, commonly referred to as Nollywood, which produces a large number of movies each year. This has contributed to the popularity of traditional TV and home video content in the country. Nigerian consumers have a strong affinity for local content and often prefer to watch Nigerian movies and TV shows over international ones. This has created a unique market dynamic, with local production companies and broadcasters catering to the specific preferences of Nigerian viewers.
Underlying macroeconomic factors: The growth of the Traditional TV & Home Video market in Nigeria is also influenced by underlying macroeconomic factors. Nigeria has a large and rapidly growing population, which provides a significant consumer base for the market. Additionally, the increasing urbanization and rising disposable incomes in the country have led to a higher demand for entertainment options, including traditional TV and home video content. The Nigerian government has also taken steps to support the growth of the market, such as the digital television transition and the promotion of local content production. In conclusion, the Traditional TV & Home Video market in Nigeria is developing rapidly due to changing customer preferences, including the adoption of digital television services and the popularity of streaming platforms. The local special circumstances, such as the vibrant Nollywood industry, also contribute to the growth of the market. Furthermore, underlying macroeconomic factors, such as population growth and rising disposable incomes, support the expansion of the market in Nigeria.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Traditional TV & Home Video and OTT (over-the-top) Services. 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 / Segment size:
The segment size is determined through a bottom-up approach. 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) to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant segment. For instance, 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.
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