Nollywood, the vibrant Nigerian film industry has been on an upward trajectory in recent years. But not too long ago, despite its undeniable potential, limited investment opportunities stifled its growth. Limited funds hindered the creation of high-quality content, profitability, and the industry’s ability to reach global audiences.
However, the tide has significantly shifted in recent years, and streaming giants like Amazon, Showmax, Multichoice, and Netflix are pouring resources into the industry, allowing Nollywood to produce higher-quality films and expand its reach across borders. From 2016 through 2022, Netflix invested $175 million and contributed a total of $218 million to GDP in South Africa, Nigeria and Kenya.
Interestingly, apart from funding from streaming giants, there is a growing interest in the Nollywood industry from unlikely investors.
n August 25, Editi Effiòng, a Nollywood director, shared a list of executive producers for his film, The Black Book. The list included influential tech magnates and venture capitalists. Movie financing shares a few similarities with startup funding. People who invest in movie productions receive their return mainly from the distribution of the movie.
In just under a week since its release, “The Black Book” has secured the top position on Netflix’s movie rankings worldwide.
These are the tech founders and venture capitalists who provided funding for “The Black Book,” Netflix’s latest top-ranked film.
|2||Kola Aina||Ventures Partner|
|3||Olumide Soyombo||Voltron Capital|
|5||Odunayo Oweniyi, Somtochukwu Ifezue, Joshua Chibueze, and Somto Ifezue||Piggy Vest|
|6||Adesunbomi Plumptre||Volition Cap|
|7||Prosper Otemuyiwa, Nadayar Enegesi||Eden Life|
|8||Kola Oyenenyin||Opportunik Global Fund|