THE BUSINESS OF ENTERTAINMENT AS A TOOL FOR ECONOMIC GROWTH
Technology has brought tremendous changes to how business is done in the Film, Music and art industry and the major factor responsible for this is the Internet.
There are a few persons whose identities were not known until Instagram became a household application. Comedians, artistes and other talented individuals can easily gain a lot of followers through these technological driven apps that are trending everywhere in the world.
Even though the market for physical and digital ownership of music and film continues to decline rapidly from research and statistics; we observe that live events, royalties, and expansion into new markets have shown the new paths to success.
Look at the following statistics from research
Research firm PwC anticipates revenue from media and entertainment will reach an estimated $2.2 trillion by 2021
Nigeria’s GDP projects $1bn from entertainment, creative sector by 2020
The monthly traffic to streaming video services accounts for over 30,000 petabytes of data. That number is expected to rise 50% by 2021.
YouTube reports mobile video consumption rises 100% every year.
By 2019, online video will be responsible for 80% of internet traffic.
With these few figures, projections and analysis which is visible already, it is high time we invest our resources and put more efforts into this sector of our economy.
Nollywood has the tendency of becoming the largest in the world if the public and private sector can come together with the vision of creating an enabling environment for our talented Africans to thrive.
KingsCrew Media was established to contribute its quota in empowering and educating young talented Africans and we have created and creating more platforms for these ones to thrive like the KingsCrew Film Academy among others.
It is high time we look at every non-oil sector of our economy and work at developing these sectors to increase our Gross Domestic Product and experience sustainable economic growth.
Ogunleye Oluwaduyilemi Oladayo
(Chief Executive Officer, KingsCrew Media)