The Nigerian entertainment industry has set a precedence and continues its growth trajectory.The industy is expected to be worth US5 Billion by the end of this year according to the big four auditor PriceWaterCooper PWC.
A combination of factors such as wider and more accessible internet access have made it easier to drive the entertainment industry sales with the use of technology.Consumers spent US 4 Billion on the industry in 2014 and it is expected to grow by 20% to US5 Billion this year.
The major negative issue impeding the industry growth is piracy , with the absence of strong copyright and trademark laws to empower institutions of government.These laws will go a long way in the prosecution of the syndicate profiting tremendously from movie piracy.
Alaba market used to be a hub for these nefarious activities and the barrier to entry is considered low. The capital equipment required are a stomping machine and CD writer (computer) which enable the mass production of CDs. These are immediately passed on to a strong distribution network and in a short while made generally available, robbing the artist and production companies of their income. Remember a while ago when popular producer Kunle Afolayan was blackmailed by the syndicate, requesting for huge sums of money or have them produce October 1 enmasse, which they actually did following his refusal. The artist later released the details on social media explaining and lamenting the fact that the bank loan secured to make the movie had not been repaid. Our series on Billionaires financing the Entertainment industry and standing as Angel investors continue today.Kindly contact us for Due Diligence reports on the media ,entertainment and other industries by sending an e mail to consult9jaeconomist@outlook.com.
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