Media and entertainment industry in Africa is booming, better than at any other time in history. This sector encompasses books, movies, internet, newspapers, radio, TV, and video games. So many music awards like the famous MTV Africa Music Awards lead the way in recognizing artistic talent in Africa. A number of local radio and Television stations are also positioning themselves to be becoming regional power houses like CNBC Africa and KTN News.
Africa’s entertainment and media sector has grown in leaps and bounds over the last two decades as artists have risen from relative international obscurity to global recognition, especially in Nigeria, Kenya, and South Africa.
It is estimated that total artistic revenues from this sector will grow at a compound annual growth rate in excess of 5% annually with Nigeria being the outlier with a growth rate of about 15% annually. This strong growth, is partly due to the strong mobile music sector, in most parts of the continent, with Kenya leading the way in mobile penetration. As is widely known, the age of the African population is largely young, a factor which strongly pushes this growth in the industry.
The recent entry into this industry by such global players like Netflix point to the huge opportunity of African media and entertainment market. The rapid growth in streaming services will be the thing for the future as more Africans access mobile phones. This notwithstanding, the protection of intellectual property and music copyrights remains a concern that regulatory bodies are trying to address, at times with minimal success.