By Maduabuchi Efegadi
Nigeria to benefit as Netflix stakes $1m for CESF in African film, TV
With annual 6.8% growth rate, Nollywood generated $687m in 2021
After Amazon Prime Video’s multi-year deal with hit Nigerian film and TV house, Inkblot Productions, global accounting firm with interests in assurance, advisory and tax services, PricewaterhouseCoopers (PwC), says Nigeria should “expect interest in other Nollywood studios.”
In December 2021, Amazon Prime Video, global streaming service, signed an exclusive multi-year deal with Inkblot Productions, a hit Nigerian film and TV house in what economic analysts described as a strategic entry of the African talent industry to the global audience.
Under the agreement, Prime Video will launch upcoming Inkblot films to a global audience of more than 200 million members following theatrical release.
As African audiences increasingly acquire the technological means and income to access new content, they are now demanding made-in-Africa stories alongside the glitzy Hollywood fare. By far, global giants are sitting up and taking notice.
According to PwC analysis, other Nollywood studios would be attracting more interest from global players. The assurance, advisory and tax services company said, Nigeria’s Nollywood industry currently has an annual growth rate of 8.6 percent – employing about a million people directly or indirectly, and last year generated $687 million for the Nigerian economy.
“That growth is offering up new opportunities to African talent throughout the industry,” PwC said.
Meanwhile, the Nigerian creative industry is to benefit more, as Netflix, American subscription streaming company, recently announced that it will give $1 million towards its Creative Equity Scholarship Fund (CESF) for film and TV students in sub-Saharan Africa. The scholarship fund will cover the costs for tuition, accommodation, study materials and living expenses for talented African students. Expectedly, more Nigerian and other African content would be on your favourite streaming platform soon.