Mayowa Adenekan, also known as Mayorspeaks, a Public Relations expert and talent manager in the Nigerian entertainment industry has said Nigerian youths are yet to tap into the business opportunities in the entertainment industry.
Mayorspeaks who also has a passion for the Digital space in Nigeria said that the rising rate of unemployment in Nigeria and the drop in per capita income have left the government with the big task of creating jobs for the growing population.
“According to data collected by Trading Economics, the youth unemployment rate in Nigeria increased to 53.40 percent in the fourth quarter of 2020 from 40.80 percent in the second quarter of 2020. This clearly indicates that unemployment is still on the rise as the population of Nigeria continues to grow,” he said.
He further explained that the new age of Digital Technology came with great relief, an awakening of self-dependency. Coupled with the rise of young entrepreneurs in Nigeria and the growth of technology, the goal of self-dependency is gradually coming to light.
He noted that this has made it possible for business-inclined Nigerians to earn a living doing different kinds of businesses.
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“Nigerian entertainment and media industries still remain one of the most untapped industries in Nigeria, which is why the industry has not reached its full potential in Nigeria. Nigerians have not yet fully capitalized on the country’s numerous business opportunities due to industry constraints such as piracy, inability to monetize content, government interference, and a variety of other annoyances. These sectors include the film industry, music, advertising, and digital marketing and content writing.
According to the International Trade Administration, which carried out research on the growth of the industry, they posited that Nigeria’s television and media market grew by 7.49 percent in 2020 to $806 million, with initial total revenue of $732 million in 2018.
The industry is projected to earn about $900 million in 2023. Experts have also predicted that cinema revenue will grow to $22 million in 2021, rising at a CAGR of 8.6 percent. With that growth, Nigerian films will gradually gain international recognition. This also means that Nigerian films will get more box office features, witnessing an increase in revenue and more theaters opening too,” he explained.
Shedding light on the opportunities in the Nigerian music industry, he said: “Music, on the other hand, is another path that offers many business opportunities for those who want to build a career as a singer, rapper, instrumentalist, and so on.
“Though most people claim there isn’t much success in singing and rapping due to piracy issues, we can still recall many upcoming artists who are breaking new grounds and making Nigeria proud with their unique sound. The coming of digital streaming platforms has given a lot of artists the chance to make a living from their craft and reach a wider audience”.
