WHAT ARE THE NUMBERS?
How big is the entertainment market, what is the crowd size, is it a viable enough number to attract the budding entrepreneur?
Femi puts the numbers as 70% of the population being under 40 years of age- the catchment age bracket for most entertainment content.
Toyin takes it further, “After the break of broadcast monopoly in Nigeria, entrepreneurs now own TV-Media stations, Satellite Broadcast stations and TV shows” According to him “There are over 140 million Nigerians, with 10 million in the Diaspora. We have over 50 TV and Radio Stations and counting.
The top music artistes are now selling over 5 million copies in the first 3 months” He paints a bigger picture “The Sub-Saharan African economy is the next consumer generation.
There are approximately 1 billion people in Africa, with 74% being between the ages of 15 and 35, 64% of the population receive free-to-air TV and there are more than 100 million TVs, with 34 million of these found in Nigeria” Femi Odugbemi points out that the media- entertainment industry is volatile (changes fast with new business models, technology, competition and consumer habits).
It’s no wonder the convergence of Radio, TV, Phone and the World Wide Web with new business models and consumer habits has thrown up lots of opportunities. Large population plus mobile convergence equals……..
According to producer extraordinaire and CEO of Mavin Records Don Jazzy “with the coming of the online music download sites like iTunes, Tunecore, Spinlet and others, the artiste is faced with a new consumer habit of singles download as against albums.
Late Steve Jobs was visionary enough to connect the download invention (made popular by the Napster brand) to consumer experience by applying innovative thinking to traditional business model in a way that created new revenue streams for Apple. Steve Chen, Chad Hurley and Jawed Karim saw a new way to share video and created the new face of modern cinema with YouTube Jack Dorsey redefined real-time instant messaging with Twitter.
Mark Zuckerberg gave us a platform to communicate with friends. Google projects 70 million people to be online in Nigeria by 2015. Femi says that entertainment is the first port of call online for most consumers.
Mobile Smartphone and other handheld devices are a very viable market and they have helped create the DIGITAL NATIVES who spend 24 hours online. HDTVs, Smartphones, Games and other handheld devices have taken over.
From 2001 to 2011 mobile phone ubiquity has grown from 750,000 to 5 billion. More than 250 million visits per month are recorded by Facebook (Over 1 billion members today), YouTube and Twitter individually.
There might be close to 90 million mobile phones in Nigeria In the League of Nations China commands the largest population of online communities with over 385 million, India, USA, Indonesia, Brazil, Pakistan and Bangladesh follow in that order of decreasing ranking to Nigeria’s 44 million.
There you have the numbers, now we will look at the infrastructure.