Industries that Made the Most Money from the AMVCA
The Africa Magic Viewers’ Choice Awards – AMVCA is a yearly event by MultiChoice to celebrate African celebrities. The event celebrates talents across the continent, creating opportunities for several industries to earn money from the AMVCA.
Although to them, it is a branding investment as it takes money to make money. Their branding influences how people perceive them and the type of opportunities they attract.
Through branding, Nollywood actress Osas Ighodaro received the ‘Best Dressed Female award’ in the 2022 Africa Magic Viewers’ Choice Awards. While a Nollywood star and model, Denola Grey received the male category of the Best Dressed award.
Since it takes money for an event to happen, here are some industries that benefited from and made money from the AMVCA 2022 award.
The Nigerian fashion industry is projected to produce $1.82 billion by the end of 2022. It is also estimated to expand at a 12.30% annual rate of CAGR from 2022 to 2025, resulting in a market volume of US$2.58 billion by 2025.
Some of the revenue for this industry is generated from events such as the AMVCA. Since fashion is all about being creative, people look out for the current style and the latest trends during an event, especially an award show.
The attendees at the AMVCA 2022 award, upheld this standard. The event was nothing short of a variety of fashion art, with celebrities from throughout Africa dressed in diverse styles by a variety of designers.
There was daring fashion sense ranging from designer dresses to suits.
Some of the dresses were integrated with rhinestones, corsets, and others. There were also modern interpretations of conventional attire and upgraded versions of formal wear.
The AMVCA was locked down with creative fashion trends as every style demonstrated an outstanding level of inventiveness, which is unusual in Nigerian fashion. It was a whole fashion explosion, complete with bling and glamour.
Without an iota of doubt, designers made tonnes of money from the event.
The make-up sector is one of the world’s fastest-growing markets with enormous potential. Due to its substantial expansion, the industry is expected to reach $103.30 million by the end of 2022.
It is estimated to expand at a 13.36% annual rate of CAGR from 2022 to 2025, resulting in a market volume of $150.50 million by 2025.
This industry has a significant impact on how an artist looks and appears. Since an artist’s look may sometimes suggest a theme, the makeup must be right, or the artistic concept will be flawed, especially when the makeup artist must create a look for a specific occasion.
There is, therefore, a synergy between the entertainment and beauty industries as make-up artists are always in demand in the entertainment industry, particularly for events.
Artists went all out with their outfits at the AMVCA awards. From their hair to their immaculate makeup, they appear beautiful. Many makeup artists and hairstylists grinned at the bank after the event.
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In 2019, the events industry was $1,135.4 billion, with a projected $1,552.9 billion by 2028 to grow at a CAGR of 11.2% from 2021 to 2028.
The expenses of event planners in Nigeria vary greatly depending on the sort of event you are planning. Different kinds of event planners or party planners are available for various events.
Professional event planners can arrange any type of event, while some specialise in one type of event.
Aside from planning, the event space is always taken into consideration. The event planner may recommend a good location, or the organiser may choose the area where the event will take place.
The AMVCA award ceremony took place in Lagos’ Eko Hotel & Suites. This is one of Lagos’ most expensive and largest multi-purpose event centres.
It has 5,151 square metres of area, accommodating 270 exhibition stands and hosting concerts for 6,000 people.
The centre has professional lighting and built-in sound equipment. The cost of renting this facility is around N9 million and up.
An event isn’t complete without some fantastic music to liven things up. D’Banj, Yemi Alade, Lagbaja, Rema, Kingdom Kroseide, Akunaa Okechukwu, and more artists performed during the AMVCA event. These artists get paid millions for each performance.
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