Ethiopia’s economic growth will reflect on the entertainment industry
On the back of over a hundred million people that makes it Africa’s second populous nation next only to Egypt, Ethiopia is again poised for a high economic growth in 2017.
According to World Finance report released at the beginning of the year, Ethiopia’s growth will witness a spurt by no less than 9 percentage points. A tad less than the double-digit it has been clicking for the better part of the last decade, but still an enviable rate by any standard.
Although most of the growth will come from mega government projects, the contribution from the private sector is expected to be at its best compared to the years past. The services sector, in which the entertainment industry falls under, is expected to grow the most considering the rise in disposable income and the proliferation of better scripts, improved directing, and a growing young segment willing to pay for entertainment products.
Entertainment centers are sprouting all over the country, and Addis Ababa is seeing a uniquely high growth with at least 3 films produced every day. Observers are marveling at the potential of Ethiopia becoming a fourth entertainment hub after Holywood, Bollywood, and Nollywood respectively. Some have even started dubbing the Ethiopian entertainment industry as Bollywood, named after the most famous neighborhood in Addis Ababa.
Naming aside, the potential of the entertainment industry seeing significant upside over the next five to ten years is palpable. With almost 50% of the population under 35, a rapid growth of mobile internet services and the deepening of social media use, Ethiopia’s entertainment sector will be an attractive investment choice.
Yene.tv aspires to be a major entertainment player in the years to come to introduce innovative entertainment delivery to Ethiopians in the county and around the world.Read more