Kenya is grappling with the lack of viable hosting venues and challenge of securing major artists to reap from a rebounding live events industry, an analysis by PWC’s Africa Entertainment and Media Outlook 2024-2028 shows.
- •The analysis shows that Kenya, Nigeria and South Africa’s entertainment and media (E&M) markets grew significantly more than the global average of 5% in 2023, led by Nigeria at 15%.
- •Kenya’s market, which saw it host the Sailing Music Festival, among other events in 2024, grew by 5.8% while South Africa’s grew by 11.7%.
- •The outlook projects that Kenya’s E&M market will grow by $1 billion over the next five years.
“South Africa, Kenya and Nigeria’s E&m markets are showing resilience against a backdrop of global macroeconomic instability,” says PwC, “Over the next five years. E&m revenues in all the three markets are expected to rise ahead of the global average of compound annual growth rate. Revenue will reach $4.8 billion in Kenya at the end of the forecast period, up from $3.8 billion in 2023.”
In 2024, South Africa hosted Maroon 5 and Keane at Calabash in February, the American band Train in May, the British Band Take That in October, and American star Chris Brown in December. Nigeria also maintains a vibrant live events scene all year-round, with annual festivals such as Felabrations.
“The African E&M industry is poised for growth, driven by technological advancements, improved connectivity and increasing digital engagement. South Africa will remain the regional market leader in terms of scale, but Nigeria and Kenya will see faster growth, aided by young and growing populations and broader economic development,” the outlooks notes.
PwC’s growth projections indicate that the rebound in live events and ticket sales will continue over the next five years, after surpassing pre-COVID levels in 2023 for all three markets.
