IMPACT OF E-COMMERCE ON ENTERTAINMENT INDUSTRY
E-commerce have had enormous impact on the entertainment industry in it’s entirety, Bamisope Oyeyimika an economist and certified data analyst with FINCOM Nigeria, explains to that the impact of E-commerce on the entertainment industry is enormous Nigeria for example, though classified as a developing country artistes, managers and producers are employing this device to increase their visibility as well as market their products.”
Corroborating Oyeyimika, Francesca Ojemili, an A&R professional with a Lagos based record label talking to eelive.ng enlightened that; “Music contents are now purchased digitally online as well as ordered in physical forms. Independent artistes are able to sell their music through sites like CDbaby, iTunes, sportily and other local online music distribution sites while you can also purchase tickets for concerts, comedy shows online.”
The movie industry in the country is also not lagging behind in this development in financial technology, Ayobami Odunlami a sale representative with a popular cinema distribution platform explained that; “As for our kind of business, we gauge feedbacks from customers through online platforms. We use internet to advertise new releases, we post trailers online. We even post film schedules online. Customers from the comfort of their homes can see movies showing and at what time.
Our payment systems are likewise automated and technology driven. You can either swipe your card to buy movie tickets or pay manually. All of these are e-transactions and e-commerce in the play” he enlightened.
Regarding online distribution of movie contents, Ugochi Akali an agent with a Pay-On-Demand platform based in Lagos explained that; “Nollywood is now largely distributed and marketed online. A major example is through YouTube channels and collaborations between film makers and these online channels like iROKO Tv, ibakatv. Aforevo and so on are being hosted on YouTube.” Speaking further, Akali emphasized the significance of these growth to the industry, she said; “This has practically changed the landscape of film marketing and distribution in Nigeria while global presence and visibility of Nollywood is increasing daily through this process.”
On how E-commerce helps with projection, and affecting informed decision making for growth, Olaide Olatemiju a data analyst, whose company, has consulted for some popular show promotion company’s in Nigeria explained that E-commerce is a core for all industries, including the leisure industry or entertainment. This is largely so because the millennials are in the heart of this industry, and they are a tech-savvy generation.
Speaking further, Ola Ola elucidated that; “Access to the huge databases of buyers who bought tickets to theaters, shows, concerts, etc. or are users of movies streaming services will allow the data mining of consumers’ preferences profiles which in turn will result in targeting advertisement and e-mails one-to-one.”
Exponential Growth Predicted
Findings shows that there are predictions that Nigeria’s music and entertainment industry is expected to continue to lead the rest of Africa. This is according to PriceWaterCoopers (PWC).
The country’s entertainment industry is expected to lead at a projected rate of 21.5% Compound Annual Growth Rate (CAGR) between 2018 and 2022, with revenue expected to reach $9.9billion.
This was contained in a report titled, “Global Entertainment and Media outlook: 2018 – 2022 – Trending now: convergence, connections and trust,” released on Wednesday, September 19, 2018.
The Outlook is a comprehensive source of analyses and five-year forecasts of consumer and advertising spending across five countries which are South Africa, Nigeria, Kenya, Ghana and Tanzania.
It also analyzed 14 segments including internet, data consumption, television, cinema, video games, e-sports, virtual reality, newspaper publishing, magazine publishing, book publishing, business-to-business (b2b), music, out-of-home (OOH) and radio.
Ola Ola takes a similar stance with his prediction; he said “Over the next five years, digital, especially mobile revenue will continue to make up more and more of the industry’s income, boosted by big gains in Internet advertising and data consumption.”
Highest Earning Celebrities on Social Media
In the internet age, numerous streams of income are opened to entertainers and brand influencers, Brand Endorsements, Album Sales, Acting fees and so on are more fundamental means of revenue generation for celebrities.
It might be interesting to find out that some celebrities earn money from publishing on a social media account like Instagram.
According to Hopper, in its 2019 report, David Adeleke popularly known as Davido who has the most followed Instagram account with over 12 million following, is the 38th highest earning personality on Instagram, earning about $74,000 which is approximately 26million naira for each sponsored post.
Other celebrities on the list were Funke Akindele with over nine million followers, she is 45th and she gets $50,500, which is over 19million naira.
Wizkid is the 46th with over Eight million followers gets $49,700 which is close to 18millon naira. On the 48th slot was Tiwa Savage, with over 7.5 million followers, she gets $47,200 which is 17million naira.
These indices are pre-cursory to the evident influence that the financial technology has had on the media industry, to drive home her point, Ojemili buttresses, “Make no mistake, Nigeria’s E-commerce market is growing. It is a demonstration of the fact that Nigeria is leading the pack I Africa and catching up with the global online train. May reasons account for this, chief of which is technology.”