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Nigeria’s entertainment sector comprising Motion Picture, Sound Recording, and Music production contracted by 6% for the first time since 2019.
This is according to data from the National Bureau of Statistics which revealed growth of Nigeria’s entertainment sector declined by 6% also the first time in 7 quarters.
The last time this happened was in the second quarter of 2020 when the GDP of the sector declined by 4.6%. That was also the quarter where the Covid-19 lockdown hit the most with the broader economy shrinking by 6.04%.
A cursory view of the NBS report reveals that in nominal terms the sector is valued at about N1.4 trillion based on the summation of the last four quarters (2021Q2 – 2022Q2).
The entertainment sector which comprises Motion Pictures, Sound recording & Music production is regarded as one of Nigeria’s proudest exports.
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A contraction in this sector also suggests players in this sector are not experiencing a growth in sales and inventory turnover despite the seeming ascension of the Nigerian music and movie industry in recent years.
A recent report from the Cinema Exhibitors Association of Nigeria (CEAN), an association of cinema owners reveals the industry reported ₦363 million was made from ticket sales for the month of June which was ₦284.9 million or 44% less than was realized in May.
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Or perhaps the NBS just pulls these numbers out of the kister?
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© 2022 Nairametrics
© 2022 Nairametrics
