• Monday, April 22, 2024
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OAL’s 2023 entertainment review highlights Nigeria’s growing creative sector

OAL’s 2023 entertainment review highlights Nigeria’s growing creative sector

Olisa Agbakoba Legal (OAL) released its inaugural entertainment review for 2023, presenting a comprehensive overview of significant events within the sector throughout the year.

The report delves into notable milestones achieved in both the music and movie industries, examining the sustained impact of streaming services and offering insights on how creators can optimise their presence in the Nigerian market. Additionally, the review explores the evolving role of artificial intelligence (AI) in the country’s entertainment industry and addresses various relevant aspects shaping the landscape.

OAL cited the PwC entertainment outlook report when it said that the entertainment industry shows no sign of slowing down and has been growing exponentially in the last decade. According to the report, the industry is poised to yield an estimated revenue of over $14.8 billion by the year 2025.

It’s mentioned in the outlook that the projected trajectory indicates a substantial increase from $7.7 billion in 2021 to $9 billion in 2022, $10.7 billion in 2023, $12.6 billion in 2024, and a peak at $14.8 billion in 2025. A significant 85 percent of this revenue is also anticipated to be generated through the use of internet access tools such as social media and streaming platforms.

PwC’s Global Entertainment and Media Outlook 2020-2024 highlights Nigeria’s media and entertainment sector as one of the fastest-growing creative industries globally with an annual growth rate (CAGR) of 19.3 percent spanning from 2018-2023.

It was also reported that the steady growth of streaming platforms has seen many key players in the sector starting to invest and capitalize on the wave with the likes of Arise TV, Channels TV and Television Continental (TVC) all shifting towards making use of the internet and streaming platforms like Youtube to retain their relevance in the media sector to suit different age demography.

The year 2023 also brought with it the adoption of the new Copyright Act of 2023. President Buhari on March 2023 signed the Copyright Act 2022 into law. The long-awaited update to the previous laws harmonized the Nigerian copyright law with key developments as the past laws didn’t cater to the technological trends of the creative industry today.

According to OAL, five key provisions of the new Act are Record Producers now regarded as of the copyright in a music recording subject to a contract, introducing of digital rights to copyright owners, performing artists/ labels entitled to remunerations by broadcast companies for broadcasting their works which was made available commercially, introducing stronger Rights for performers, and provision of Takedown of infringing materials and suspension of account.

In the music scene, the year saw the likes of Rema and Asake further solidify their roles as global ambassadors for Afrobeats. While Rema holds the title of the most globally exported artist, Asake held his ground as the most streamed artist in countries like Ghana, Togo, and Nigeria. According to OAL, this solidifies Afrobeats as the most exported genre in 2023.

Notable milestones in the music industry

According to OAL, these are five notable milestones that made 2023 a groundbreaking year for Afrobeats.

Tems Oscar nomination for the Black Panther: Wakanda Forever original soundtrack ‘Lift Me Up’ which she performed with Rihanna making her the first Nigerian artist to be nominated for an Academy Award.

Tems’ Grammy win in February 2023 for Best Melodic Rap Performance for her collaboration with Future on ‘Wait For U’ making her the first female artist to win a. Grammy award.

Tiwa Savage’s performance at King Charles III’s coronation in May 2023 became the first Nigerian artist to perform at the coronation of a British Monarch.

Burna Boy’s sold out ticket concert at London Stadium in June. Burna Boy became the first African music act to sell out a 60,000-capacity stadium in June for his Love Damini concert. The singer will also go on to perform at Citifield Stadium in New York City in the US.

Rema’s performance at the Ballon d’Or award night in October 2923. Rema made headlines becoming the first African artist to perform at the Ballon D’or award mesmerizing football professionals in attendance to his electrifying song Calm Down which became one of the most commercially successful songs of 2023.

The Nigerian film industry on the other hand has undergone a transformative phase over the last couple of years which has attracted audiences beyond the African continent. International companies such as Netflix and Amazon Prime continued to show their commitment through licensing and commissioning of original content. One of the stand-out examples has been the release of ‘The Black Book’ by Edit Effiong on Netflix which has garnered worldwide acclaim and etched Effiong as one of the outstanding filmmakers of his generation.

According to OAL, Platforms such as Netflix and Amazon and various social media platforms play an important role in expanding the global presence of Nollywood with similar trends affecting the music industry. To capitalize on this shift, OAL said filmmakers can make use of platforms such as YouTube and TikTok as part of their marketing and promotion.

It also says that creators need to stay ahead of the curve by familiarizing themselves with digital trends, having a good grasp of data analytics and embracing digital distribution channels to effectively market and distribute their works.

In the role of AI in the entertainment industry OAL notes that the sector is currently experiencing a surge in the integration of AI applications sparking conversations about its potential implications. With AI being able to craft scripts, generate realistic representations of actors and streamline creative processes, the conversations of job displacements are prompted.

It was also said that there is a fear that as AI continues to advance, the distinction between content created by AI and that created by humans continue to fade, posing a threat to roles traditionally centered around human involvement hence a well-rounded approach that incorporates ethical consideration, regulated framework, and collaboration between human and AI creativity will be essential for ensuring the continued growth and innovation of the Nigerian entertainment industry.