Nigerian Banks Plan to Spend Billions on Entertainment Industry

The year 2013 is set to be a massively important one for the entertainment industry, as Nigerian banks look to align with the huge youth market. According to a report reaching, the banking industry has begun to recognize the strength and reach of Nigerian music, Nollywood, and new media and is now making concerted efforts to be associated with the various sectors of entertainment industry. By adopting and modifying strategies which have been employed by telecommunication companies in the past, Nigerian banks are targeting the huge potential customer base that has already been captured by the entertainment industry.dbanj

The growing trend is exemplified by various strategies, from content creation as done by GTBank with NDANI TV, to Diamond Bank’s sponsorship of the recently held Social Media Week Lagos, and First Bank’s backing of the Love Like a Movie Concert. According to the report (which estimates the total 2013 spend by banks to be in billions of Naira), it is only a matter of time before other banks follow suit with aim of exploiting the market – all to the benefit of the entertainment industry.

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