As technology continues to gradually advance in Nigeria, the influence media plays on its flourishing entertainment industry has increased. Over the years Nigeria has built a reputable film industry, to which the natives of the country regard to as "Nollywood". Since the early 90s, Nollywood has grown rapidly, proof being that the industry is now the second largest. India holds the title of the largest film industry, while the United States trails in third. The music industry alike Nollywood, has also taken off in the past decade, as more Nigerian musicians are recognized internationally. With such great advancement in the industry, the media's role has become more crucial to it's success, as people outside of Nigeria are beginning to take notice.
A conference "sought to engage and sustain a dialogue amongst stakeholders in the industry", was declared open by Director General, Nigeria Economic Summit Group, Frank Nweke Jr.The primary goal for the conference was to develop creative, innovative ideas to make sure the blossoming industry continues to thrive In the beginning duration of the conference, Nweke expresses his concern of importing entertainment from other countries. He emphasized on National Television Authority's work in creating great local content during the 1980s and how the industry needs to get back to that plateau of creating good local production throughout all divisions of Nollywood, whether being in films or TV dramas.
Megalectrics CEO, Chris Ubosi told the conference that smartphones have major responsibility on the economic breakthrough of the industry.
According to Ubosi, ""Accessing content is now tilting more towards the new media, which is being consumed in multiple platforms, especially through mobile phones. There are over 100 million mobile phones in circulation, 45 million Internet users are estimated to exist in Nigeria and about 54 million Nigerians probably use mobile phones." He also talks about social media becoming an "integral" attribution to the growth of the entertainment industry, as Nigeria's data consumption from social media use is one of the highest in the continent.
A report by PriceWaterHouseCoopers has estimated that Nigeria’s entertainment and media industries’ revenues will grow at a compound annual growth rate (CAGR) of 16.1 per cent from $4 billion in 2013 to an $8.5 billion in 2018. Nigeria’s entertainment and media growth rates are the fastest growth rates in the world, according to the report.
Nigerian music is also prospering from within the core of it all, as more artists are able to producing their music locally, rather than moving to regions that were more dominant at the time. All of the ideas brought up during the conference were inspired by the theme of it all, "growing the industry of our dreams by growing from within."