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FilmOne Entertainment, an independent distributor of filmed entertainment with emphasis on Nigeria territory, has launched the first-ever international capital fund created specially for investment in Nigerian films. Core investors in the $1 million fund are Huahua Media, and Empire Entertainment (South Africa).
While Huahua Media is a Chinese company known for investing in Godzilla: King of the Monsters, Transformers: The Last Knight and Star Trek Beyond, as well as AY’s next movie, 30 Days in China, Empire Entertainment is a leading African distributor representing major Hollywood studios and a host of leading independent studios and producers. Both companies will assist in identifying the films with the most potential for theatrical release and box office success in global market… More details through: https://businessday.ng/news/article/filmone-announces-1-million-fund-for-production-of-nollywood-films/
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Though advertising expenditure dropped in the Above-the-Line (ATL) segment of the media last year to $225 million (N81 billion), as against previous year’s spending of N88 billion, advertising budgets remain focused on television and newspapers, as outdoor and radio advertising volume drops.
Contrary to trends in the U.S. or Europe, where the lion’s share of ad budgets is focused on internet and TV marketing, media observers had projected that between 2018 and 2020 the majority of advertising dollars in Nigeria will be devoted to TV and video promotion… More details through: https://guardian.ng/business-services/telcos-banks-rank-highest-ad-spenders-as-media-expenditure-hits-n81-billion/ Nigeria’s film industry, popularly called Nollywood, generates between $500 million and $1 billion yearly in revenue. It also employs about 300,000 people and more than one million people indirectly.
The Senior Manager, Intra-African Trade Initiative, African Export-Import Bank (Afreximbank), Gainmore Zanamwe, who spoke at the 47th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) in Lagos, said Nollywood movies are patronised across the continent and outside the continent by the Diaspora… More details through: https://thenationonlineng.net/nollywood-industry-generates-about-1b-yearly-says-afreximbank/ The world is about to rediscover Nigeria’s vibrant music scene. That’s what happens when you add Beyonce and Disney to any creative effort.
Six musical artists known throughout Africa -- Tekno, Yemi Alade, Mr Eazi, Burna Boy, Tiwa Savage and WizKid -- are featured with Queen Bey on the soundtrack for this year’s live-action remake of Disney’s “The Lion King… More details through: https://www.bloomberg.com/news/articles/2019-07-18/beyonce-and-lion-king-about-to-take-nigeria-music-scene-global-jy8o7x4s Nigeria’s film industry, dubbed Nollywood, has long kept viewers entertained with tales of romance and riches, and now foreign investors are increasingly looking for a part of the action.
US giant Netflix, France’s Canal+ and China’s StarTimes are among those making moves in the globe’s second most-prolific film industry, which churns out more than 2,500 films each year and is topped only by India’s Bollywood… More details through: https://www.vanguardngr.com/2019/07/nigerias-nollywood-film-industry-reels-in-foreign-investors/ The Chief Executive, StarTimes Nigeria, Mr. David Zhang, has disclosed that its total investment in the country since the launch of its operations in 2010, currently stands at $220 million. He said the company had further paid a total of $25 million in taxes to the Nigerian government as well as recruited over 1,000 local staff, 97 per cent of whom are Nigerians…
More details through: https://www.thisdaylive.com/index.php/2019/06/26/startimes-says-investment-in-nigeria-now-200m/ The Nigerian multi-billion-naira sport betting industry is growing astronomically to confirm a 2016 report of PwC, which projected that the industry would grow at an annual rate of 16 per cent each year to $147 million in 2019. Raheem Akingbolu writes on the new culture of betting and its impact on the nation’s economy
Four things have helped the nation’s betting industry to soar in the last five years – economic instability, increasing sports culture, large population and the unbridled growth in internet penetration and widespread use of mobile phones. Specifically, the online gambling industry has flourished in recent years, adapting their brick-and-mortar presence to the internet scene, and spawning popular sites such as Bet9ja, Merry bet or Nairabet… More details through: https://www.thisdaylive.com/index.php/2019/06/06/examing-growing-culture-of-sports-betting In a bid to enhance digital life, Chinese Government in partnership with StarTimes Nigeria, a provider of digital satellite has commenced the installation of satellite TV to some villages in Lagos to kick-off the second phase of connecting Nigerian rural communities to digital television.
Two years after piloting the first phase of the program in rural communities in Abuja, and being satisfied with the outcome, StarTimes commenced the second phase of the program by installing satellite TVs to some villages in Lagos… More details through: https://businessday.ng/technology/article/chinese-government-commences-second-phase-of-free-satellite-tv-to-nigerian-villages/ In December 2018, EbonyLife Films, a studio in Lagos, Nigeria, premiered Chief Daddy, a feature-length drama about an eccentric billionaire who dies suddenly, touching off a madcap scramble among his relatives over his estate. The movie was an immediate hit with audiences in Nigeria. By the end of the month it had emerged as the country’s most popular theatrical release of the year.
Not long ago the economic life cycle of Chief Daddy might have ended there. Nollywood, the nickname for Nigeria’s robust film industry, has long been hamstrung by piracy. For years filmmakers have watched with frustration as swarms of illegitimate DVDs quickly overwhelmed their promising cinematic efforts, slashing potential profits and making it difficult to raise money to produce future films… More details through: https://www.bloomberg.com/news/articles/2019-05-24/nollywood-is-ready-to-go-global-thanks-to-netflix Startimes in collaboration with the Nigerian Television Authority (NTA-Star TV Network) says it has invested $220 million in Nigeria, even as its subscriber base reached the four million mark.
Chief Executive Officer of Startimes, David Zhang, disclosed this during a visit by a group of journalists to the Abuja office of the Chinese pay satellite TV network, stressing that the $220m went into setting up over 80 transmitting stations, satellite and digital infrastructure, programmes, software and hardware… More details through: https://businessday.ng/news/article/startimes-invests-220m-in-nigeria-as-subscribers-reach-4m |
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