Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), emphasized the growing opportunities for revenue generation in Nigeria's music and film industries through streaming. Speaking at a governors' forum in Abuja, she highlighted the potential of Nigerian music and film to achieve global acclaim.

According to Okonjo-Iweala, the Nigerian music industry, known as Nollywood, is one of the world's fastest-growing creative industries. A report by Afreximbank estimated its worth at $6.4 billion in 2021, with an annual growth rate of 10%. However, piracy has been a significant challenge, with a high percentage of pirated copies flooding the market at lower prices compared to legitimate copies.

Despite piracy concerns, streaming platforms offer new opportunities for reach, affordability, and revenue generation. Okonjo-Iweala mentioned her delight at hearing Nigerian music being played in Saint Lucia, indicating the global appeal of Nigerian music. She also highlighted the potential of Nigeria's entertainment sector for cultural tourism, combining contemporary arts, literature, and entertainment with the country's rich history.

According to PricewaterhouseCoopers (PwC), Nigeria's music industry revenue is projected to reach $44 million in 2023, with live music alone contributing $100 million annually. However, the music streaming segment is still slowly gaining traction. PwC's 2019-2023 entertainment and media outlook revealed that digital channels, such as streaming and paid downloads, accounted for 76% of total music industry revenues in 2018. Mobile music revenue constituted over 60% of Nigeria's music market in 2018 but is expected to decline to less than 50% by 2023 as streaming gains a stronger foothold.

In the movie industry, Nigeria's OTT (over-the-top) video streaming market, including platforms like Netflix, Showmax, and Prime Video, is projected to grow from $14 million in 2021 to $26 million by 2026. The internet plays a significant role in driving growth in Nigeria's creative sector, according to industry experts.

source;thecable
https://lifestyle.thecable.ng/okonjo-iweala-streaming-offers-opportunity-to-boost-nigerias-music-film-revenue/