Kenya’s Entertainment, Media Industry To Hit $2.9 billion by 2022
The Kenyan media and entertainment industry grew 17% to reach US$1.7 billion in 2017, mainly propelled by growth in the internet sector, according to the latest PricewaterhouseCoopers (PwC)’sEntertainment and Media Outlook.
The report covers 11 segments: books, magazines, cinema, television, interactive games, the internet, music, newspapers, out-of-home advertising, e-sports and radio. The industry is expected to exceed $2.9 billion by 2022, growing at an average annual rate of 11.6% between 2017 and 2022.
“Internet access monopolises both growth and overall revenue. While investment in, and take-up of, fixed broadband infrastructure remains less of a priority, the increase in Kenyans with the mobile Internet has been steep. Nearly 15 million new unique users are forecast to come online during the next five years, and there is also a pronounced move towards higher speed services.” reads the report in part.
At the same time, PwC expects TV and radio advertising growth to be fairly robust despite the digital disruption.
TV and radio advertising revenue accounted for US$173 million of the US$276 million total revenue in 2017 and the overall advertising market will rise to US$387 million at a 7% CAGR to 2022.