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Nollywood is bigger than Hollywood – Word Economic Forum

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Nollywood-earnings

According to Word Economic Forum, In 2009, UNESCO reported the Nigerian film industry – also known as “Nollywood” – had overtaken Hollywood to become the world’s second largest film industry, behind India’s Bollywood.

In the following decade, output more than doubled to 2,500 films a year – and the industry is continuing to grow, according to a report by PricewaterhouseCoopers.

It’s estimated to employ more than 1 million people and to generate more than $7 billion for the national economy, accounting for around 1.4% of Nigeria’s gross domestic product.

New cinemas are opening and box office revenue is predicted to reach $22 million by 2021.

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