Nigeria’s media and entertainment industry, “Nollywood,” originated in 1992. It is currently the second most prolific film industry in the world. It is a globally recognized brand for practitioners in film, including script writing, directing, sound, acting, cinematography, make-up, and editing. The industry is located throughout several major production centers like Lagos, Onitsha, Enugu, Asaba, and Abuja. 

The Nigerian Film Industry (Nollywood) is globally recognised as the second largest film producer in the world with the financial value of the film industry put at $6.4 billion as of 2021. Nollywood contributes two point three percent (2.3%) to Nigeria's Gross Domestic Product (GDP) with over two thousand, five hundred (2,500) movies produced annually.

According to PwC Global Entertainment and Media Outlook for 2020-2024, Nigeria’s media and entertainment industry is one of the fastest growing creative industries in the world.  It has the potential to become the country’s greatest export, with projected annual growth rate of eight point six percent (8.6%) and a compound annual growth rate (CAGR) of nineteen point three percent (19.3%) from 2018-2023. 

PwC indicates that in 2021, Nigeria’s film industry contributed two point three percent (2.3%) and about 239 billion naira ($660 million) to Gross Domestic Product (GDP) and projects that the industry will increase its export revenue earnings to over $1 billion. The motion picture and music recording industry exceeded 2020 projected $806 million revenue contributing about 730 billion naira ($1.8 billion) to the country’s GDP.

The country’s television and video market grew by seven point forty-nine percent (7.49%) to $806 million in 2020, up from $732 million in 2018. The industry is projected to earn about $900 million in 2023. The market is driven by subscription revenue, which accounted for seventy-two point twenty-six percent (72.26%) of total revenue in 2018. TV advertising accounts for twenty-one point thirty-one percent (21.31%) of total revenue while physical home videos account for five point thirty-three percent (5.33%). Subscription-based movie streaming are also very popular in Nigeria attracting players like Netflix, Iroko TV, and Startimes.  

Although Netflix subscription has long been available in Nigeria, they made their official debut in Nigeria in February 2020, joining several major distributors of filmed content in Nigeria.

Nigeria, often referred to as the "Giant of Africa," boasts a vibrant media and entertainment industry that presents a plethora of business opportunities. With a population of over two hundred million (200,000,000) people and a growing middle class, the demand for media and entertainment content continues to rise. 

This article will explore 25+ innovative media and entertainment business ideas that entrepreneurs can tap into to capitalize on this thriving market.

Video Production Company: Start a video production company that specializes in creating high-quality videos for corporate clients, events, advertisements, and online content.

Photography Studio: Open a photography studio that caters to weddings, portraits, fashion shoots, and commercial photography.

Talent Management Agency: Establish a talent management agency to represent and promote talented individuals in the entertainment industry, including actors, musicians, and models.

Event Planning and Management: Venture into event planning and management services, organizing concerts, award ceremonies, festivals, and corporate events.

Film Distribution: Set up a film distribution company to acquire and distribute local and international films to cinemas, television networks, and online platforms.

Content Creation for Online Platforms: Create engaging and original content for popular online platforms, such as YouTube, Instagram, and TikTok, to attract a large following and generate revenue through ads and brand partnerships.

Animation Studio: Establish an animation studio that produces animated content for television, film, advertising, and online platforms.

Music Label and Production: Start a music label and production company to discover, sign, and promote talented musicians and produce high-quality music.

Podcasting Network: Launch a podcasting network that produces and distributes engaging audio content across various genres, including news, entertainment, education, and storytelling.

Online Radio Station: Create an online radio station that streams music, talk shows, and podcasts to a global audience.

Online Video Streaming Platform: Develop a localized online video streaming platform that offers a wide range of movies, TV shows, and documentaries for Nigerian audiences.

E-commerce Store for Merchandise: Create an e-commerce store that sells merchandise related to popular Nigerian music, movies, and TV shows.

Mobile Gaming Studio: Build a mobile gaming studio and develop entertaining and culturally relevant games for smartphones and tablets.

Virtual Reality (VR) Arcade: Set up a VR arcade where customers can experience immersive virtual reality games and simulations.

Social Media Influencer Agency: Establish an agency that connects social media influencers with brands for influencer marketing campaigns.

Art Gallery and Exhibition Space: Open an art gallery and exhibition space to showcase and sell works of local artists, photographers, and sculptors.

Costume Rental Service: Start a costume rental service that provides costumes for parties, events, theater productions, and film shoots.

Dance Studio and Academy: Establish a dance studio and academy to teach various dance styles and offer dance performances for events and productions.

Comedy Club: Create a comedy club that hosts stand-up comedy shows, improv nights, and comedy competitions.

Bookstore and Publishing House: Open a bookstore that specializes in Nigerian literature and establish a publishing house to promote and publish local authors.

Video Game Development Studio: Build a video game development studio that creates interactive and entertaining games for consoles, PCs, and mobile devices.

Online Film School: Launch an online film school that provides comprehensive courses and training programs for aspiring filmmakers.

Sound Engineering and Music Production: Offer sound engineering and music production services for musicians, film productions, and advertisements.

Digital Marketing Agency for Entertainment Industry: Start a digital marketing agency that specializes in promoting and marketing entertainment brands, movies, music, and events.

Film Equipment Rental: Establish a film equipment rental service that provides cameras, lighting equipment, and other production gear to filmmakers and production companies.

Voiceover and Dubbing Services: Provide voiceover and dubbing services for films, TV shows, documentaries, and commercials.

Special Effects and VFX Studio: Set up a special effects and visual effects studio to enhance the visual appeal of films, television shows, and advertisements.

In conclusion, the media and entertainment industry in Nigeria offers a wide array of business opportunities for entrepreneurs with a creative edge and a passion for entertainment. From video production and talent management to podcasting, animation, and online platforms, the potential for growth and success is significant. 

By leveraging the country's large and diverse population, as well as the increasing demand for media content, aspiring entrepreneurs can carve out their niche in this exciting industry. With careful planning, innovation, and strategic execution, these media and entertainment business ideas can pave the way to a successful venture in Nigeria's ever-evolving entertainment landscape.