PwC Africa has released its latest industry insights from the Africa Entertainment and Media Outlook 2022-2026 which indicates the E & M industry is a considerable economic driver in many African countries and, just like the rest of the world, large sectors within the industry were adversely impacted by Covid-19.
In 2021, South Africa, Nigeria and Kenya saw strong growth in entertainment and media revenue. Industries that were more severely impacted in 2020, such as cinema, live music and B2B trade shows, made strong comebacks, although revenues remained below pre-pandemic levels.
Elenor Jensen, PwC South Africa Entertainment and Media Partner, says: “From an advertising perspective, it is the internet advertising segment that we expect to see the largest gains in advertising revenue terms across the five-year forecast period to 2026. This is a trend seen across South Africa, Nigeria, Kenya, and at a global level, and is due to consumers and advertisers prioritising digital.
• Annual growth rates for the E&M market in Nigeria remain below pre-Covid levels, but a significant recovery is expected over the coming years: E&M revenue in Nigeria is expected to more than double by 2026.• Cinema’s post-Covid-19 recovery is well underway, with box office revenue in South Africa set to surpass 2019 levels in 2023, when it will hit R1.3bn.