The film and video industry is one of the few areas of the global economy that advances with the pace of technology. Keeping stride with advances in technology is at the heart of the strategies used by film industry businesses to create the most desired user experience. Global internet video revenues are projected to grow at a compound annual growth rate (CAGR) of 11.6% to reach US$36.7 billion in 2021, while terminally declining markets for DVDs and Blu rays will have fallen to US$13.9 billion1. Demand has shifted towards the more immediate and convenient Video-On-Demand (VOD) market, with contents accessible via a wide range of connected devices allowing consumers to view when and where they desire. While there remains a strong market for ownership of content through transactional VOD (TVOD) services , growth will be mainly focused on subscription VOD (SVOD) platforms, with subscribers attracted to full seasons of original content and back-catalogues they can binge view2. According to PWC’s Global entertainment and media outlook 2017-2021, Nigeria with a 12.1% CAGR (albeit strongly influenced by surging spending on mobile internet access), will be the world’s fastest- growing E & M market over the coming five years3. Read more...
NEWS BIT
NIGERIA AND 2 OTHERS YET TO SIGN AFRICA FREE TRADE DEAL
Nigeria, Africa’s most populous nation and biggest economy, Eritrea and Guinea Bissau are the only African nations that are yet to make any commitment to the African Union’s Continental Free Trade Area (AfCFTA) deal signed in Kigali in March 2018 at its 10th Extraordinary Session. On the other hand, 6 African countries have since ratified the deal: Rwanda, Niger, Chad, Kenya, Ghana and Swaziland. 3 others; Tanzania, Zambia and Botswana have only signed the Kigali Declaration however yet to deposit instruments of ratification with the A.U.
Nigeria and South Africa’s refusal to join from the beginning raised issues with the deal given that the 2 were the continent’s economic powerhouses. South Africa has eventually signed the deal, but Nigeria has not yet though its President Buhari recently intimated that he would sign the deal soon.
Once in force, AfCFTA will be the largest trade zone in the world after the World Trade Organization (WTO). It would boost intra-African trade by 52% by the year 2022, remove tariffs on 90% of goods, liberalize services and tackle other barriers to intra-African trade.
