…In Nigeria, the market value will grow from US$9.0bn in 2023 to US$13.6bn in 2028, while revenue will reach US$4.8bn
…South Africa is the most established market in Africa, with projected revenue growth at a 4.2% CAGR through 2028.
…Kenya’s E&M market growth is being driven by mobile services, with strong growth in internet advertising in internet advertising and OTT platforms.
…Africa’s E&M sector is primarily driven by mobile connectivity, with mobile subscriptions surpassing fixed broadband.
WED FEB 05 2025-theGBJournal| Africa’s Africa Entertainment and Media (E&M) landscape is poised for strong growth, with key African markets (South Africa, Nigeria and Kenya) set to surpass the global average CAGR of 3.9% from 2024 to 2028, according to PwC in its latest report, Africa Entertainment and Media Outlook 2024-2028
”This momentum is fueled by rapid digital adoption and increasing innovation further cements Africa’s position in shaping the future of the global E&M industry,” PwC said.
The report examined and questioned a deep collection of proprietary entertainment and media industry data and forecasts, the result is a unique body of intelligence and foresight that companies and investors can consider as they plot strategy and action.
All three African markets earlier mentioned saw revenue growth ahead of the global average of 5.0% in 2023. Growth was strongest in Nigeria, at 15.0%, while South Africa and Kenya saw increases of 11.7% and 5.8% respectively.
The report shows that over the next five years, E&M revenues in all three markets are expected to rise ahead of the global average of a 3.9% CAGR.
E&M revenue in South Africa will increase from R295.3bn (US$16.1bn) to R363.2bn (US$19.8bn).
In Nigeria, the market value will grow from US$9.0bn in 2023 to US$13.6bn in 2028, while revenue will reach US$4.8bn in Kenya at the end of the forecast period, up from US$3.8bn in 2023.
Pwc said some segments in these territories, such as live music, have finally recovered to surpass pre-COVID revenue levels.
Other sectors, like internet advertising, are achieving impressive scale, while ongoing infrastructure deployments and rapid growth in data usage will fuel demand and drive fixed and mobile service revenue growth.
Linear value chains are disaggregating in favour of digital ecosystems. The global content boom from streaming growth has stalled.
Generative artificial intelligence (genAI) promises efficiency and productivity gains, while also disrupting business models across and between multiple industries.
”It all adds up to widespread uncertainty and a growing imperative for business model reinvention,” said PwC.
PwC’s 27th Annual CEO Survey reveals 57% of E&M CEOs, versus 45% of all CEOs, believe their current business model won’t be viable in ten years.
PwC reckons that going forward, emerging technologies will continue to disrupt and transform E&M. AI is set to significantly impact the industry by enhancing content creation, recommendation and production processes.
GenAI can quickly convert ideas into images, stories or scripts, while AI-powered analytics will drive production choices and improve user experiences. Technical advances like network optimisation and automated customer support can reduce costs.
Meanwhile, the 5G rollout is continuing in Africa and 5G E&M use cases for the technology span areas such as cloud gaming, video streaming and VR. Africa has a younger population compared to many other regions.
This demographic is more inclined towards digital and mobile platforms, driving growth in sectors like mobile gaming, esports and over-the-top streaming (OTT) services.
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