Category: Entertainment

Canal+ Group, a French TV channel, has announced plans to offer $2.9 billion to acquire South Africa’s MultiChoice deal.

The company raised its offer from the initial $1.69 billion proposed in February.

Canal+ is a top shareholder in MultiChoice with a 31.67 percent stake, according to data on London Stock Exchange Group (LSEG), however, the deal was rejected by the South African firm.

According to a report by Bloomberg on Monday, Maxime Saada, chief executive officer (CEO) of Canal+, said the firm would create a global media company listed in Europe and South Africa that will compete with US entertainment giants. “A combined entity will be double listed in Europe and Johannesburg,” Saada said.

With Canal+ formal bid at $2.9 billion, the firm seeks to expand its presence in Africa.

“We are confident that we can address the foreign ownership topic, as we are present in 50 countries and there are a number of countries where this type of rule is in place, including in France,” said Saada.

According to the French firm, it is preparing a plan to split into four publicly traded units, as it seeks better value from its assets after it listed its most valuable business, Universal Music Group.

Saada added that the deal was intended to boost scale and purchasing power when going up against competitors to buy US content.

“To extract value from that, and invest in African content and help it reach global audiences, it only makes sense to be part of a global company,” Saada said.

MultiChoice’s shares rose 4.2 percent to 117 rands as of 12:38 pm. in Johannesburg and are up by about a quarter since Canal+ first announced its plan to purchase the firm in February.

Multichoice Nigeria Limited, a company offering satellite television services across Africa, fell victim to a fraudulent foreign currency exchange transaction, resulting in a loss of N7.9 billion.

The failed foreign currency exchange deal implicated Akintunde Giwa, who works as a currency exchange broker; JNFX Limited, a company specializing in currency exchange services; Ashay Mervyn, a representative of JNFX; and Frontier Financial Technologies Limited.

According to Mr Giwa, he acted on Multichoice Nigeria’s behalf in arranging with JNFX, under 10 Multichoice contracts, for the exchange of Naira into dollars.

In the proceedings at the UK court, MultiChoice Nigeria assigned its claims to Mr Giwa, whose primary dealings with JNFX were conducted with Mr Mervyn, a representative of JNFX “who had ostensible if not actual authority from JNFX to enter into the MultiChoice Contracts.”

Court documents showed that Multichoice Nigeria Limited paid N7.9 billion (N7,914,209.196.50) to Mr Giwa, the currency exchange broker, who in turn made payments to JNFX Limited, a currency exchange firm, under the MultiChoice contracts.

Details showed that the satellite service company paid the Naira into the bank accounts of companies controlled by Mr Giwa and were then sent to bank accounts nominated by JNFX through Mr Mervyn in return for dollars to be paid into an account held at Standard Chartered Bank in London in the name of MultiChoice Africa, another company within the MultiChoice group of companies.

However, no dollar payments (amounting to $16.2 million) were received by the company in return, according to Mr Giwa.

Backend Details

From early 2021, court documents show, Mr Mervyn increasingly instructed Mr Giwa to send the Naira to a bank account held at First City Monument Bank in Nigeria in the name of Frontier Limited.

Mr Giwa alleged that JNFX and Mr Mervyn failed to pay into the MultiChoice Account the full equivalent dollar sums or to reimburse MultiChoice Nigeria its Naira. A total of N7.9 billion (N7,914,209.196.50) was paid to JNFX under the MultiChoice contracts for which no dollar payments (amounting to $16,230,369) were received in return.

The tenth and last contract, concluded on 8 September 2021, provided for the conversion of N4.9 billion into $10 million but no dollar sum was paid in return for the Naira amount paid.

Meanwhile, the court documents showed that Mr Mervyn and Frontier, a Nigerian company where Mr Mervyn is a director, have not responded to the claims against them and have taken no part in the proceedings.

Interestingly, Mr Mervyn had been declared wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of obtaining money under false pretence and fraudulent conversion of funds. The UK court said that his whereabouts are unknown and a worldwide freezing order (WFO) had earlier been granted against him and Frontier in 2022 but was discontinued in June 2023.

JNFX in its argument stated, among others, that Mr Mervyn lacked actual authority to enter into the Multichoice contract and act as its agent.

Arguments

In his arguments, Mr Giwa, on whom the burden of proof lies, submitted that JNFX has no realistic prospect of showing that Mr Mervyn is not guilty of deceit and lacked ostensible authority to act as its agent in entering into the MultiChoice contracts and that it is not therefore liable for Mr Mervyn’s deceit. He also argued against the claim that JNFX would not in any event have been obliged to fulfil any of its obligations under the MultiChoice contracts due to the requirement in its standard terms of business which would have governed them that all payments to it must be made to a bank account in the name of JNFX.

JNFX on its part argued that the quantum of Mr Giwa’s claim should be reduced to $8.4 million ($8,429,369) in light of dollar payments made by it for which no credit has been given, adding that his application raises complex issues of fact which need to be the subject of disclosure and evidence at a trial.

Mr Giwa submitted that the defendants have no real prospect of defending the claim and that there is no other compelling reason for a trial. He argued that he is entitled to summary judgment; and that the amended defence discloses no reasonable grounds for defending the claim. JNFX, on its part, submitted that its defence has a real prospect of success, and that summary judgment should therefore be refused.

JNFX argued that the failure of Mr Mervyn to fulfil his intention and execute the exchange contract is not evidence of the falsity of those intentions when made. Based in particular on the evidence of JNFX’s solicitors, the company claimed that it was “perfectly possible” that Mr Mervyn only subsequently got into difficulties related to the depreciation of the Naira against the dollar which resulted in his original intentions not being able to be fulfilled.

Verdict

The court agreed that the matters presented by Mr Giwa are not themselves evidence of the falsity of Mr Mervyn’s intentions on which the contractual agreements are founded. But when taken together with all the other matters relied on, the court rejected JNFX’s solicitors’ alternative explanation as the more plausible explanation.

Commenting on JNFX’s claim that Mr Mervyn had no actual authority to represent the company, the court dismissed the claim and agreed with Mr Giwa based on the facts that Mr Mervyn corresponded from a JNFX email address, was described in the emails’ signature block as JNFX’s “Head of Global Markets” with the contact and website details of JNFX given, and also described himself as “Head of Emerging Markets”.

“Importantly, it is also clear that Mr Green (JNFX’s managing director) and Mr Eisenberg (of JNFX) were aware from having been copied into or forwarded communications from Mr Mervyn to Mr Giwa and third parties such as MultiChoice and Dubai Islamic Bank of the role being claimed by Mr Mervyn and at no time disclaimed that role or indicated that he lacked the authority to transact the business which he was transacting,” the court ruled.

After reviewing the various arguments and evidence presented by the parties, the court held that Mr Giwa is entitled to summary judgment in respect of his claim of deceit against JNFX and Mr Mervyn in the sum of N7.9 billion (N7,914,209.196.50) together with interest.

It also held that JNFX’s defence be struck out to the extent that it pleads a defence to the claim of deceit, and refused permission to amend JNFX’s defence in so far as the amendments relate to a defence to the claim of deceit.

“The application for summary judgment or to strike out JNFX’s Defence so far as concerns the contractual claim against JNFX is dismissed and that claim shall proceed to trial,” the court held.

 

source: Premium Times

From stories with genres such as family drama, romantic comedy, and the like, here are the movies that performed excellently on the big screens.

Top 10: A Weekend To Forget

This is a drama thriller film directed by Damola Ademola, which tells the story of seven friends reuniting for a weekend getaway after years of being apart. But things aren’t as smooth as they hoped, as old tensions and unresolved issues resurface.

A Weekend To Forget starred Nollywood faves such as Etim Effiong, Ini Dima Okojie, Stan Nze, Uche Nwaefuna, Erica, Neo Akpofure, Akin Lewis, Elozonam, and many others.

It was released to the cinemas on 22nd September 2023 and eventually succeeded at the box office with N50,606,675.

Top 9: Afamefuna

Directed by Kayode Kasumu, “Áfàméfùnà: An Nwa Boi Story”, is the first feature-length film on the Igbo apprenticeship system and how it revitalized the community’s economy by allowing successful Igbo men to pass on their knowledge and blessings to apprentices, perpetuating the cycle of wealth creation.

Starring are Jide Kene Achufusi, Segun Arinze, Eso Dike, Stan Nze, Alexx Ekubo, Noble Igwe, Kanayo O. Kanayo, Moc Madu, C,hisom Oguike, Chuks Joseph and many others.

Afamefuna was released to cinemas on 1st December 2023 and then made a total sum of N53,450,575.

Top 8: The Kujus Again

Directed by Biodun Setphen, The Kujus Again is the second part of The Kujus Clan who are a group of siblings who visit Badagry for the remembrance of their mum but this time they have gathered at a hotel resort for the traditional wedding of Mauyon and Lily; but things quickly take a turn for the worse when underlying tension meets unfortunate incidents as money as well as people go missing.

This family drama film stars exceptional talents like Bisola Aiyeola, Bimbo Ademoye, Timini Egbuson, Sophie Alakija, Mimi Onalaja, Ronke Odusanya, Femi Jacobs, and many others.

The release date was 21st April 2023, with a box office digit of #53,538,450.

Top 7: Something Like Gold

Something Like Gold is a romantic drama film, directed by Kayode Kasumu and produced by Sandra Okunzuwa.

This movie portrays the life of Tamara who was raised with a silver spoon. She faced the wicked side of humanity when her father’s wealth was ceased plus the heartbreak she went after she was abandoned on the altar by her fiancé. She was rescued by her maid Mayowa of whom she later found love after her past predicaments.

Starring Timini Egbuson, Kunle Remi, Teniola Aladese, Segun Arinze, Patrick Doyle, Sandra Okunzuwa, Tope Olowoniyan, Broda Shaggi and Ebere Doris Okorie.

Its release date was 29th September 2023. It ended with a box office record of N60,163,275

Top 6: Kesari

Kesari (The King) is a Nollywood Indigenous action fantasy film directed by Tope Adebayo and Ibrahim Yekinni (Itele D Icon).

This is the tale of Kesari, the unstoppable, one who wields unimaginable powers. A legend, a ruler, forever acclaimed.

Starring this indigenous film are Odunlade Adekola, Femi Adebayo, Adebowale Adedayo, Deyemi Okanlawon, Boma Akpore, Femi Branch, Kelvin Ikeduba, Yvonne Jegede, Ibrahim Yekini, Bolaji Ogunmola and Adebayo Salami.

The release date was 25th August 2023 with a total box office data of N78,106,925

Top 5: Merry Men 3

Merry Men 3: Nemesis continues the Merry Men series directed by Moses Inwang and produced by AY Makun.

This is a tale of four of Abuja’s most eligible and notorious bachelors. Their lives are wrapped in flamboyancy with their network and thriving businesses, fast cars, luxury homes, and the women in their lives in excess.

Starring are Segun Arinze, Nadia Buhari, Ayo Makun, Sam Dede, Ireti Doyle, Ufuoma Mc Dermott, Chidi Mokeme, Ramsey Noah, Uchemba Williams, and many others.

The action-packed-thriller film was released to cinemas on 13th October with a final sum of N118,491,970 at the box office.

Top 4: Orisa

Orisa is a Nollywood indigenous film directed by Odunlade Adekola which premiered nationwide on 21st July.

From royalty to redemption: witness the king’s descent, the queen’s sacrifice, and the battle for freedom.

Starring are Femi Adebayo, Kemi Afolabi, Odunlade Adekola, Jude Kosoko, Dele Odule, Muyiwa Ademola, Iya Rainbow, Eniola Affez, Shaffy Bello, Ayo Mogaji and many others.

It ended with the box office number N127,898,950

Top 3: Ada Omo Daddy

December contender, Ade Omo Daddy, produced by the delectable Mercy Aigbe was released on 15th December and ranks 3rd on this blockbuster list.

This is a tale of a young lady whose world unravels when her biological father appears before her wedding. She learns of her mother’s hidden past and faces a difficult choice between her two fathers. A teen’s world unravels when her biological father appears before her wedding.

Starring are Omowunmi Dada, Taiwo Adeyemi, Mercy Aigbe, Chiwetalu Agu, Nkechi Blessing, Tayo Faniran, Sola Sobowale, Fred Amata, Carol King, Adeniyi Johnson, Dele Odule, Unusual Phyna, Wunmi Toriola and a host of others.

Box office data – N161,513,748.

Top 2: Malaika

Malaika was directed by Steve Sodiya and produced by Toyin Abraham it portrays the story of a frustrated and bitter woman, struggling to have a child of her own, who tries to find spiritual guidance.

Starring are Toyin Abraham, Odunlade Adekola, Taiwo Ajai-Lycett, Uzor Arukwe, Westy Baba, Muyiwa Ademola, Ibrahim Charter, Emeka Ike, Dele Odule, Rubby Orjiafor and many others.

The second highest-grossing film of the year, Malaika was released on 22nd December 2023 and ended the year with a box office number of N205,360,950.

Top 1: A Tribe Called Judah

A Tribe Called Judah tops the chart of Nollywood’s highest-grossing movies of 2023. This amazing content was produced by the box office queen Funke Akindele and directed by Adeoluwa Owu.

A Tribe Called Judah tells the story of a single mother, Jedidah Judah, who has five sons from five different fathers from five different tribes. These sons plan to rob a small mall due to their mother’s ailment, but they are faced with armed robbers upon arriving.

Starring are Funke Akindele, Timini Egbuson, Jide Kene Achufusi, Olumide Oworu, Uzor Arukwe, Uzee Usman, Fathia Balogun, Genoveva Umeh, Boma Akpore, Nse Ikpe-Etim, Juliana Olayode, Tobi Makinde, Yvonne Jegede, Paschaline Alex and many others.

A Tribe Called Judah ended the year with a box office number of N1,035,682,627.

The release date was 15th December 2023.

Box Office Analysis
The list of the top 10 Nollywood highest-grossing movies of 2023 is justifiable amongst other blockbuster movies. However, there are three key insights one can deduce from the data. They are:

The large disparity between the top 1 and the combination of the top 2 to the top 10 is intriguing. Funke Akindele also known as the queen of the box office made history with A Tribe Called Judah which crossed over One billion naira in the space of two weeks. This has never happened in the history of Nigeria and this is in no comparison with the rest of the titles on the list.
This ration equates to N1Billion vs N909,131,518

This is a fact that Funke Akindele arguably has all it takes to pull an audience to the box office and the success of a film at the box office is greatly influenced by the fan base of the producer.

Another observation from the highest-grossing movies list is the indigenous movies (Orisa and Kesari) which made the top 4 and top 6 respectively. It is an interesting time to see the Yoruba film industry making waves at the box office as compared to the genre of the films we are accustomed to, which also means our indigenous films are getting more acceptance as compared with the records of the last three years.

Sandra Okunzuwa’s Something Like Gold ranks among the top 10 highest-grossing films of the year. This is quite encouraging and impressive being Sandra’s first attempt at the box office. In the past, only established brands like Funke Akindele, AY Makun, ebonyLife Studios etc, makes the list of the highest-grossing movies.

This is a win for Sandra as her talent is becoming more visible and there’s hope more wins at her next box office attempt.

In Summary
In 2024, we look forward to what Nollywood has in stock for us and hopefully, we see a comeback of a mid-size budget hit above N100M

Nigeria’s entertainment sector stands as a vibrant tapestry of creative forces, particularly within the realms of music and movies.

The music industry, garnering increasing global recognition, parallels the cinematic prowess of Nollywood, proudly holding the title of the world’s second-largest film producer and boasting a substantial worth of $6.4 billion as of 2021.

Annually, Nollywood unfurls over 2,000 productions across diverse platforms. Its strategic collaborations with global movie streaming giants such as Netflix, Amazon Prime, and Showmax have positioned Nollywood to export its rich culture and values worldwide.

This global outreach is facilitated by compelling narratives crafted by some of Nigeria’s most talented producers and directors.

In the preceding year alone, the Nigerian box office demonstrated remarkable resilience by generating approximately N7.4 billion in revenue. This feat becomes even more impressive considering the challenges posed by diminishing purchasing power and inflation.

As March remains women’s month and commemoration of International Women’s Day, Nairametrics highlights some of Nigeria’s exemplary female producers who stand as catalysts for inclusion and agents of growth within the dynamic Nollywood industry.

12. Bolanle Austen-Peters
Bolanle is a lawyer, acclaimed movie and theatre director/producer, and cultural entrepreneur. Recognized by CNN as the “woman pioneering theatre in Nigeria,” she is the founder and artistic director of BAP Productions and Terra Kulture, an arts and culture centre in Lagos.

Forbes Afrique named her one of the most influential women in Africa, acknowledging her numerous awards for contributions to the arts.

Additionally, Austen-Peters founded Terra Academy for the Arts in collaboration with the Mastercard Foundation, focusing on empowering young individuals.

Her impactful work extends to previous collaborations with the United Nations.

11. Ruth Kadiri
Ruth Kadiri is a Nigerian actress, screenwriter and producer. Tagged as the Queen of YouTube Nollywood, the female producer garners an average of 2 million views per movie hosted on the video platform.

Ruth Kadiri has made significant contributions as a screenwriter and film producer- with productions such as Mad Wife, Married and Diary of a Pregnant Wife. She has been involved in crafting compelling scripts for various Nollywood projects, showcasing her storytelling skills.

Before focusing primarily on production, Ruth Kadiri made her acting debut in 2003 with the movie “Boys Cot.” Since then, she has consistently delivered captivating performances across a diverse range of films. Her ability to embody various characters with depth and authenticity has earned her widespread recognition and respect within the industry.

Some of her notable works as an actress include roles in films like Matters Arising, Over the Edge, and “Husbands of Lagos.

10. Biodun Stephen
Biodun Stephen is a Nigerian film director, writer and producer, specializing in romantic drama and comedy films.

She has been noted for getting inspiration for the title of her films, from the main character names as depicted in the film with Tiwa’s Baggage, Ovy’s Voice, Ehi’s Bitters and Sobi’s Mystic as notable examples.

Biodun Stephen began her film-making career in 2014 with the release of The Visit. The film was praised for its minimal yet insightful cast, story and originality. It received two nominations at the 2016 Africa Magic Viewers Choice Awards in Lagos.

She co-produced, Breaded Life, and directed Sista.

9. Toyin Abraham
Toyin Abraham stands as a stalwart in the Nollywood realm, boasting an illustrious career spanning over two decades. Commencing her journey in 2003, she has not only graced the screen as an actress but has also ventured into directing and producing.

Her cinematic repertoire includes notable works such as “Ijakumo –The Born Again Stripper,” and the blockbuster “Malaika,” which emerged as one of the highest-grossing movies in December 2023, amassing N300 million—the pinnacle of her box office achievement yet.

Other notable movie pieces include “Fate of Alakada” in 2020, which garnered N113.2 million at the box office. Following this success, “Alakada Reloaded” also raked in N70 million.

She also produced, “Seven and a Half Dates(2018), and The Ghost and the Tout(2018).

8. Tope Oshin
Tope Oshin is a cinematic force, recognized for her role in producing noteworthy films like Up North, featuring Nigerian singer-Bankole Wellington. Acknowledged in 2017 as one of OkayAfrica’s Okay100 Women, Oshin stands as a highly decorated filmmaker, boasting a portfolio that spans over 7,000 hours of TV and film content.

Her directorial prowess shines through some of Africa’s most prominent drama series, including MTV Shuga, Tinsel, Hotel Majestic, Hush, Castle & Castle, and more, accumulating a staggering 750 episodes. Notable among her directorial credits are films like New Money, Journey To Self, InLine, Ireti, The Young Smoker,” and the groundbreaking December 2018 theatrical release, UpNorth.

Tope Oshin’s multifaceted role encompasses ShowRunner, Producer, and Lead Director of MTV Shuga Naija 4 (Season 8). Her producing credits shine with the highest-grossing Nigerian box office hits – The Wedding Party 2 and Fifty. A revolutionary documentary titled “Amaka’s Kin: The Women Of Nollywood” shows her commitment to spotlighting female directors in Nigeria.

Trained in Filmmaking at the Colorado Film School, Denver, and having studied Cinematography at Met Film School, London, Oshin is the proprietor of Sunbow Productions.

7. Jade Osiberu
Jadesola Osiberu stands as a remarkable figure in Nollywood, transitioning from a background in software development career to writing, directing, and movie production. As the founder of Greoh Studios, she gained traction after churning out pieces such as Isoken (2017), Sugar Rush (2019), Brotherhood (2022), and the crime thriller Gangs of Lagos, the first Nigerian original film exclusively streaming on Amazon Prime Video.

In September 2022, Osiberu’s Greoh Studios inked a transformative three-year deal with Amazon, signalling a commitment to develop and produce original scripted TV series and feature films for a global audience. This collaboration positions her production house as a key player in shaping the narrative on a broader scale.

Osiberu initiated her venture into film production with the establishment of Tribe85 Productions in 2017, fueled by the mission to “tell African stories to a global audience.”

6. Mary Njoku
With nearly two decades immersed in acting and filmmaking, Mary Njoku has solidified her status as a powerhouse in the African movie industry.

Since her debut in 2004, Njoku has graced the screens in over 100 films and TV series, predominantly within “Nollywood” the Nigerian movie industry renowned as the world’s second-largest by production output.

In the last decade, Njoku has seamlessly transitioned from on-screen roles to a behind-the-scenes executive, playing a major role in shaping the creation and distribution of African content tailored for the streaming age.

In 2013, she took a bold step by founding ROK, a digital media company that operates four TV stations. Additionally, she established ROK Studios, a content production company catering to IrokoTV, a Nigerian streaming video-on-demand platform founded by her husband, Jason Njoku.

5. Omoni Oboli
Omoni Oboli stands as a preeminent figure in Nigeria’s film industry, despite facing a temporary hiatus from the industry due to family commitments, she has navigated the fast-paced landscape with success over the last two decades.

Oboli is not only a seasoned actress but also a trained digital filmmaker, having honed her skills at the prestigious New York Film Academy. Her creative energy is evident in a myriad of screenplays, including notable works such as ‘Fatal Imagination,’ ‘Being Mrs Elliott,’ ‘The First Lady,’ and ‘Wives on Strike.’

In 2010, Omoni Oboli clinched the Best Actress – Narrative Feature award at the Los Angeles Movie Awards and the Best Actress award at the Harlem International Film Festival.

In 2018, she took on the dual roles of star and director in the comedy film “Moms at War” which starred Funke Akindele and has produced many movies for cinema and various streaming platforms.

Notably, Oboli has leveraged the digital space, particularly on YouTube through her channel, Omoni Oboli TV. Hosting productions like “Marriage of Inconvenience” and “A Night in July,” she has amassed an impressive five million streams for her movies.

4. Emem Isong
Emem Isong is a Nollywood icon with about 25 years of dedicated service to championing women’s rights through impactful storytelling in Nollywood.

Notably, her movie “Bursting Out” left an indelible mark, attracting a sold-out audience at the Odion Cinemas in London in November 2010. Emem has also collaborated on documentaries for significant organizations like Action Health Incorporated (AHI) and the United Nations Population Fund (UNPF). These initiatives aim to empower out-of-school and marginalized adolescent girls in slum communities around Lagos

In 2018, Emem received the prestigious African Film Leadership Award at The African Film Festival (TAFF) in Dallas. Her array of awards includes the Giama Award, Thema Award, ZAFAA Award, Best of Nollywood Award, City Peoples Award, and the Africa Movie Academy Awards (AMMA), often regarded as Africa’s answer to the Oscars.

Emem’s films have transcended borders, earning screenings at major film festivals and becoming subjects of academic study at universities across Africa, Europe, and America.

3. Kemi Adetiba
Kemi Adetiba is a Nigerian filmmaker, television director and music video director, whose works have appeared on Channel O, MTV Base, Soundcity TV, BET and Netflix. She started as a radio presenter for Silver’s Rhythm 93.7 FM. She was the voice behind the two national hit shows – Soul’d Out and Sunday at the Seaside.

Kemi Adetiba slowly moved from radio to television by presenting on TV. Afterwards, she moved to music and movie production.

In 2016, directed a film titled “The Wedding Party” which premiered at the Toronto International Film Festival (TIFF) the same year.

The wedding party was a great achievement and broke box office records by raking in over N3.5 billion. Kemi Adetiba is also the founder of a web documentary series; King Women. King Women mentors and inspires young women.

The popular political thriller, King of Boys which starred Sola Sobowale in the lead role was produced, written and directed by Kemi Adetiba. Known as the Bruce Lee of visuals, Adetiba’s most recent TV series crime thriller To Kill A Monkey is set to premiere on Netflix this 2024.

2. Funke Akindele
Funke Akindele or Jenifa, is the recording breaking and prominent Nigerian filmmaker, actress, director, producer, and politician. Born on August 24, 1977, Akindele gained widespread acclaim for her role in the sitcom “I Need to Know” (1998–2002). In 2009, her outstanding performance in “Jenifa” earned her the Africa Movie Academy Award for Best Actress in a Leading Role.

The character Jenifa became a cultural phenomenon, leading to a 2015 television series adaptation titled Jenifa’s Diary, produced by Akindele. Her performance in the series earned her consecutive wins for Best Actress in a Comedy at the Africa Magic Viewer’s Choice Awards in 2016 and 2017, with additional victories in 2020 and 2022.

Beyond acting, she made history as the first Nigerian female director to surpass a billion naira at the Nigerian box office with “A Tribe Called Judah(N1.4 billion) which became the highest-grossing movie of 2023 in cinemas. Funke Akindele has maintained a three-year sequence of top-grossing films in Nigeria.

Her movie, Omo Ghetto the Saga had a total gross of N636 million in 2020, while her 2022 film, Battle on Buka Street grossed N668 million.

1. Mo Abudu
Mo Abudu, recognized by Forbes as one of the most influential women in global media, stands as an influential figure in Nollywood.

Her journey involves spearheading Ebony Life TV since its inception in 2006, establishing herself as a prominent figure in the entertainment industry.

Under Abudu’s leadership, Ebony Life TV has expanded its reach to over 49 countries across Africa, the UK and the Caribbean. The network has become a significant player, fostering global partnerships that enhance its influence in the media landscape.

Notably, Ebony Life TV has secured major collaboration deals with industry giants such as Sony Pictures Television, AMC Networks, and Netflix.

The groundbreaking agreement with Netflix marked a historic milestone as the first time an African media company entered into a multi-title film and TV agreement with the streaming giant.

 

 

Additional Source – Nairametrics

Ifeanyi Azodo, National President of AMPRAC, in a telephone interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos, said the cost of filmmaking had doubled due to Naira depreciation.

“As at a year ago, a film could be produced with as low as ₦4.5 million but now you’ll need as much as ₦10 million, and due to this development, producers no longer engage actors and all as much as before,” Azodo said.

According to him, movie practitioners are diversifying to other businesses that can guarantee sustenance.

“To be factual, the entire situation is worrisome and we are all losing interest in filmmaking.

“Actors who receive ₦400,000 as their fee for each film produced now charge as high as one million Naira. This development cuts across all movie genres – Igbo, Hausa and Yoruba.

“Producers, directors, set designers, cinematographers and everyone involved in the value chain of filmmaking are now looking into alternative route,” he stated.

Azodo called on President Bola Tinubu to expedite action in ensuring stability in the economy as part of solutions to the hardship.

“Government needs to come to our aid, we should be encouraged in ways that provisions should be made for filmmakers to gain easy access to soft loans.

 

 

News Agency of Nigeria

Modern Nigerian women are shattering glass ceilings and breaking new records.
Today is International Women’s Day, and if there’s one thing Nigerian women always do in recent years, is break records.
Glass ceilings are invisible barriers women encounter. However, No matter the field—cooking, music, movies, or sports—Nigerian women shine through every time.

Here are five Nigerian women who have broken world records recently:
Funke Akindele:
Funke Akindele holds the record for the highest-grossing Nollywood movie of all time in Nigeria. Interestingly, the top three highest-grossing movies of all time in Nigeria were made by Funke Akindele. Her movie “A Tribe Called Judah” achieved this feat in December 2023 (₦1,404,187,806), surpassing the previous record held by her own film “Battle on Buka Street ((668,423,0560)
Funke Akindele’s accomplishment is a significant milestone for the Nigerian film industry.

Asisat Oshoala
Asisat Oshoala might not have a fancy Guinness World Record (yet!), but she’s dominating the world of football.

Oshoala holds the record for winning the CAF Women’s Player of the Year award a whopping six times! That’s right, she’s been the best female footballer in Africa for years—no big deal.

In 2022, Oshoala became the first African woman ever nominated for the Ballon d’Or, one of the most prestigious awards in football! Talk about being a legend.

Oshoala made history at the 2023 World Cup by becoming the first African player (man or woman!) to score goals in three different World Cups!

Hilda Baci
Hilda Baci previously held the Guinness World Record for the longest cooking marathon (individual), but it has since been surpassed. In May 2023, she cooked for 93 hours and 11 minutes, breaking the previous record by over eight hours.

As of today, the record belongs to Irish chef Alan Fisher, who achieved a cooking marathon lasting 119 hours and 57 minutes in November 2023.

What makes Hilda Baci special is that after she set a new record, she set a cooking marathon to crave; barely a month goes by without someone trying to break a cookathon record.

Tobi Amusan
Remember Tobi Amusa? Tobi broke the internet when she ran the hurdling 100 metres in a mind-blowing 12.12 seconds at the World Athletic Championship. Not only is she the world record holder, but she’s also the Commonwealth and African champion for the 100m hurdles three times (2021, 2022, and 2023) and has a three-year Diamond League champion streak.

In January 2024, she smashed the African record for the 60-metre hurdles at the Astana Indoor Meet in Kazakhstan with a scorching 7.77 seconds.

Tems
Tems rose to popularity after being featured on Wizkid’s hit “Essence” in 2020. That song was so popular that it got nominated for a Grammy and even ended up with a remix featuring Justin Bieber.

Tems didn’t stop there. She went on to win her first Grammy in 2023 for her part in Future’s song “Wait for U” with Drake.

Tems is also the first Nigerian female artist to be nominated for an Oscar, thanks to her work on Rihanna’s “Lift Me Up” from the Black Panther sequel, “Wakanda Forever.”

Here’s where Tems starts rewriting history:
First Nigerian and African woman to win Best International Act at the BET Awards (2022).
First Nigerian artist to debut at #1 on the Billboard Hot 100 with “Wait For U” (2022).
The first female artist to ever top the Billboard US Afrobeat charts with her solo song “Free Mind” (2022).
The first Nigerian woman to be honoured with Billboard’s Women in Music Award.

 

 

Pulse.ng

Aníkúlápó: Rise of the Spectre has a few business lessons everyone can learn from.

The series continues the story of Saro, who messes around with powers beyond his understanding, and Arolake, a lover girl just trying to find a loving home to rest her head.

Rise of the Spectre is about the supernatural order and power tussles in the old Oyo empire, but there are also business lessons in the series for everyone.

Here are five business lessons from Aníkúlápó: Rise of the Spectre

1. Stay focused – dont be distracted
Saro’s story highlights the importance of staying focused on your goals. As in the business world, distractions can have grave consequences. Setting clear goals and sticking to them is very important to success.

2. Quality of product is key
The series highlights the importance of customer satisfaction and quality of product to attract and retain customers. Customers only care about the product itself, not the circumstances surrounding its creation. Offering a quality product is essential to stand out in the market.
Saro’s life teaches us that the quality of the product is a crucial deciding factor for customers, and that’s why they’ll stay with you or ditch you for a better option.

3. Respect Agreements
Trust is a fundamental pillar of business relationships, and failing to respect your commitments can lead to harmful consequences but you can always trust Saro to do a double cross. He did it to Arolake, heaven’s gatekeeper, and the three trapped souls. Everyone who deals with him always finds out at some point what a foolish mistake they’ve made.

While this can make for an entertaining story onscreen, it’s not an admirable business quality. When you strike a deal with another entity, it’s simply expected that you keep to your word and do the things you’ve promised as faithfully as you can. Saro finds out the hard way when he double crosses his palm wine suppliers — they turn off the tap and it’s all downhill.

The Alaafin’s failure to also honour his deal to marry his daughter to the son of the Bashorun is one of the central conflicts of the film and could have been avoided if everyone just did as promised.

4. Plan for the Raining days
The series teaches us the importance of having a clear plan for the raining days also known as difficult days. Entrepreneurs must anticipate potential challenges and be prepared to proactively address them to ensure the sustainability of their business.
Perhaps the most important lesson here is business won’t always be a smooth ride. Karounwi is his village’s sole palm wine supplier and enjoys everyone’s goodwill until competition shows up with a better product. It’s a devastating end to his monopoly that takes him by surprise, rendering him without a next course of action. Desperate, he uses his daughter, Olatorera, as bait to figure out his business rival’s secrets and ultimately loses her to his charming ways.

Saro also never thinks about alternatives until his supernatural supply runs out, which is funny for someone who never planned to fulfil his end of the bargain and should have seen the outcome coming. He has no plan for when the tap is turned off and his business is completely ruined.

No matter how good the going gets, it’s important to always have a strategy for when the wind starts blowing off course for whatever reason. Don’t run a business on vibes.

5. Be Solution Driven
When faced with adversity, it is essential to adopt a solution-oriented approach. Rather than becoming overwhelmed by obstacles, it is important to look for creative solutions to overcome the difficulties encountered in the business world.

In conclusion, Anikulapo: Rise of the Specter offers valuable lessons for entrepreneurs on the need to stay focused on their goals, offer quality products, honor business agreements, plan for the future, and be Solution-oriented to overcome business challenges.
When Karounwi has a business crisis, he cries, guilt-trips his fleeing customers with emotions, and keeps losing until the stroke of misfortune that befalls Saro favours him. But when Awarun encounters a business crisis, she taps into her network and finds a solution that keeps her in business without breaking much of a sweat.

Keeping a clear head about problems and seeking out sensible solutions will always be a business advantage.

 

 

Source: Fatshimetrie, pulse.ng,

A London-based technology company is looking to “democratize” talent-identification and scouting in soccer using a mobile app.

Free to download and available globally, the aiScout app allows aspiring soccer stars to enter virtual trials for professional clubs by uploading self-recorded footage of themselves completing a series of drills. It offers 75 exercises, designed to test a range of skills, with videos showing users how to complete them.

Performances are automatically scored by artificial intelligence (AI) technology. The data can then be accessed by clubs, allowing their scouts to peruse scores for viable talent, honing their search with a variety of filters; from age and gender to position on the pitch.

The app currently has two English Premier League (EPL) partners, Chelsea and Burnley, and clubs can tailor their in-app trials to meet specific needs and set their own benchmarks by having their academy players complete the same drills.

“We’re putting that data up front to make better use of [the scouts’] time,” said Richard Felton-Thomas, chief operating officer of ai.io, the company behind the app.

“To say [to scouts], ‘Go over to this place today because there’s three players in that game that are all actually beating your Chelsea standard’ — that’s going to be the best use of your time.’”

It already appears to be working for some. Ben Greenwood had never had a trial with a professional club until he downloaded the app in 2019. After uploading footage of himself, the 17-year-old landed a trial with Chelsea, becoming the first user of the app to get a trial with a pro club. He signed a contract with EPL team Bournemouth in 2021.

‘It’s more about evolution’

Having beta-tested in with players spanning 125 countries, Greenwood among them, 135 players have been trialed or signed by pro clubs or national teams through the app — which fully launched in September 2023 — according to Felton-Thomas.

Just over 100,000 players make up the current database, but with over 100 clubs lined up to join Chelsea and Burnley, as well as a multi-year partnership with Major League Soccer in the US announced last May, Felton-Thomas projects user numbers to surge into the millions as the operation ramps up this year.

Felton-Thomas said the “lion’s share” of its income comes from charging clubs a license fee to run the platform. Annual fees vary depending on the size of the club and the tools they require, ranging from six figures for “tier one” sides like Chelsea, to thousands of pounds for clubs lower down the footballing pyramid.

The use of smart technology in sport continues to expand, including AI commentary tools and wearable tech for elite athletes. The global market for sports analytics, valued at $2.7 billion in 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.

Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry? For Felton-Thomas, new technologies can co-exist with traditional methods.

“It’s more about evolution than revolution,” Felton-Thomas explained.

“We can’t tell you when that player’s actually in that match, how does he deal with adversity? What happens when he’s 2-0 down? What happens when someone’s shouting at him? What happens when he’s just made a massive mistake?”

Apple iPhone 15 series devices are displayed for sale as a customer purchases an iPhone at The Grove Apple retail store on release day in Los Angeles, California, on September 22, 2023.
“We’ve got the ability to just augment real people to do their jobs better and faster, which then gives an opportunity to the player through the AI, but you’re still actually just connecting them to the human on the other side, which is the club and the scout.”

While football remains ai.io’s primary focus, the company is looking into opportunities in other sports to launch in the coming years. Further ahead, it may branch out beyond sports.

“You think about the notion that you can be at home and analyze your movements, and how this could spin into health care, physical assessments for military disciplines and emergency services,” Felton-Thomas told CNN.

Industry experts convened at the Nollywood Economic Outlook 5.0, orgnised by The Nollywood Mandate (TNM) last week to address the economic challenges and opportunities facing Nigeria’s film industry. Keynote speaker Victor Mark-Onyegbu, Head of Grants at Africa No Filter, emphasized the crucial role of the creative economy in driving societal change and economic prosperity.

In his address, Mark-Onyegbu, highlighted the interconnectedness of the general economic landscape with the creative economy, stressing the importance of addressing macroeconomic factors affecting the industry.

He drew attention to infrastructure deficits, low investment in movie theatres, and the impact of piracy on revenue streams. Mark-Onyegbu called for concerted efforts to address these challenges, urging policymakers to prioritize the creative economy and incentivize private sector investment.

He emphasized the need for innovative financing models and policy reforms to support the industry’s expansion into global markets. Mark-Onyegbu concluded by urging stakeholders to collaborate, innovate, and invest in the future of Nollywood.

Toke Benson – Awoyinka, Commissioner, Tourism, Arts and Culture, Lagos State commended the organisers for sustaining the engagement in the creative sectors and promoting digital transformation to accelerate the growth of the creative industry.
Adebukola Agbaminoja, Executive Secretary/CEO, Lagos State Film and Video Censors Board, who represented the Commissioner pledged that the state will continue to partner with The Nollywood Mandate in the area of innovation to drive policies.

Prof Olawale Moronkola, Director General/CEO, National Institute for Sports (NIS), a key partner, in his goodwill message remarked on the importance of health and wellness within the industry, emphasizing the need for self-care and preventative measures to sustain creative endeavours.

He explained that the creative industry, with its demanding schedules and intense pressures, often exacts a toll on the physical and mental health of professionals making it incumbent upon creatives to cultivate habits of self-care, wellness, and preventative health measures to fortify resilience and thus be able to sustain creative endeavours.

Fidelis Duker, Founder, Abuja International Film Festival, outlined the necessity for collaborative efforts between government, stakeholders, and the creative community to implement policies that foster growth, protect intellectual property, and provide incentives for investment and innovation.

According to him, “To reshape the future of the Nollywood industry, we must invest in the next generation of filmmakers, storytellers, and creative talents.” “Education and skill development programs, mentorship opportunities, and fostering a culture of creativity and entrepreneurship are essential for nurturing a sustainable and vibrant industry for years to come,” he added.

Jide Awe, CEO, Jidaw.com speaking during the fireside session insisted that
“By embracing digital technologies, Nollywood can unlock its full potential, attracting not only innovation but also investments that can significantly contribute to Nigeria’s GDP. This can be achieved through increased revenue and job creation across various sectors associated with filmmaking, ultimately contributing to economic growth.
Nollywood stakeholders are encouraged to Explore new storytelling formats and distribution channels. Invest in people: Develop the skills and talent needed for the digital era.”

Don Pedro Aganbi, Convener, TNM, in his welcome address noted that collaboration, innovation and infusion of digital technology was indispensable in the quest to move Nollywood to the next level and ensure it continues to contribute to the nation’s economy.

Other speakers and panelists include; President, Association of Movie Producers, Queen Blessing Ebigieson, Secretary, Board of Trustees, Actors Guild of Nigeria, Sunny Mcdon, Gloria young, Tony Akposheri, Chidi Nwakobia, Francis Onwochei, Tony Ogbetere, Best Okoduwa, Anita Edwards, Susan Jimah, Ifeanyi Ezekwe, Bukola Thomas, Ijeoma Imo, Effiong Nyong, among others.

The event highlighted the importance of embracing global best practices, investing in talent and technology, promoting inclusivity, and fostering collaboration across the industry’s value chain. Speakers emphasized the industry’s potential to drive economic growth, job creation, and cultural diplomacy.

The Nollywood Economic Outlook 5.0 provided a roadmap for reshaping the industry, positioning it as a global cultural and economic force, and driving Nigeria’s economic transformation.

Afigbo Esther (female) and Ayomide David and have emerged as the champions at the inaugural Nollywood Mini Marathon. This event, which is swiftly becoming a cornerstone in Nollywood’s annual calendar, saw enthusiasts of all ages converge at the starting line, eager to showcase their endurance and spirit in the wee hours of Saturday, February 24, 2024.

From invigorating warm-up sessions to lively dance routines, the day was filled with energy and camaraderie, accompanied by the pulsating beats of DJ Enzee.

Organised by The Nollywood Mandate (TNM), a coalition of passionate Nigerians drawn from the media and creative industry and dedicated to fostering economic advancement and the rapid expansion of the creative industry, the Nollywood Mini Marathon exemplified the power of collaboration and collective endeavor.

Participants were not only recognized for their physical prowess but also celebrated for their contribution to the vibrant cultural landscape of Nigeria.

Don Pedro Aganbi, Convener of the high-octane event expressed pride in spearheading initiatives such as the Nollywood Mini Marathon. “We are thrilled to witness the success of the Nollywood Mini Marathon, which not only promotes physical well-being but also contributes to the holistic development of our cherished industry,” remarked Aganbi. “Through forging partnerships with kindred associations, organisations, and agencies, we aspire to play a pivotal role in Nigeria’s ongoing advancement and prosperity.”

Professor Olawale Moronkola, Director-General, National Institute for Sports (NIS), commended the initiative, emphasizing the symbiotic relationship between Nollywood and sports in nurturing well-rounded and healthy creatives.

Belmond Benson, Registrar of the National Institute for Sports, who was on hand to receive the winners on behalf of the DG stated that “The collaboration between Nollywood and sports will undoubtedly produce individuals who excel not only in their craft but also in their physical well-being.”

The NIS called for further collaboration between the two sectors as an avenue to boost national productivity and engender healthy development.

The event had in attendance Nollywood Actor, Frances and Film director, Kingsley Omo-efe among others.

While Afigbo Esther was the first female to brace the tape, Onah Grace came in second for silver and Oyebo Omotayo settled for bronze.

Other winners in the male category were Marvellous Orioke with silver and Gani Babatunde, bronze.

The winners also received cash and product reward from the National Institute for Sports, Viju, Firegin, Pocari Sweat and AfrigoldTV.

The 2024 Nollywood Mini Marathon was sponsored by the National Institute for Sports, AfrigoldTV and Hazie Bitters and supported by Viju, Firegin, Pocari Sweat, Souq News and Nigeria Breweries.

The successful conclusion of the Nollywood Mini Marathon stands as a testament to the resilience and dynamism of Nigeria’s creative sphere, instilling hope and optimism for the times ahead.

The Nollywood Mini Marathon was organised in partnership with Actors Guild of Nigeria, Association of Movie Producers, Nollywood FC and Ojez Entertainment.

 

Showmax, an online subscription video-on-demand (SVOD) service, has overtaken Netflix as Africa’s largest streaming platform. This was revealed in a report by Omdia Research. According to the report, as of November last year, Showmax increased its market share in Africa to 39 per cent. This was way higher than Netflix which claimed 33.5 per cent of the African market share.

The two companies have been treating subscribers to watch local content programming. Meanwhile, Showmax’s efforts appear to be yielding more viewership which in turn has seen it taking the lead. Data available shows the Multichoice-owned company has 2.1 million subscribers while Netflix has 1.8 million subscribers.

This development might be connected to Multichoice’s announcement in November last year that it would be launching Showmax 2.0. The new streaming platform was expected to contain blockbuster entertainment packages as well as the well-loved Premier League bundle.
Both streaming giants who are market leaders on the continent, are followed closely by Amazon Prime Video which came in at a distant third with 300,000 subscribers in Africa.

New Showmax 2.0 could widen the gap
Showmax was launched in South Africa on August 19th, 2015 with its majority owner being MultiChoice which owns 70% of the Showmax group. NBCUniversal owns 30% in all territories except Nigeria, where NBCUniversal holds an indirect 23.7% stake in the local subsidiary.

In 2023, Showmax announced a partnership with Comcast’s NBCUniversal and Sky with a plan to increase its content library which now includes a unique pipeline of key international content licensed from NBCUniversal and Sky. The new Showmax 2.0 was launched in February 2024 with a brand-new app and streaming platform, as well as an unprecedented content slate.

Content on the leading platform in Africa also cut across to international titles from Warner Bros. Discovery, BBC, HBO, Freemantle, Sony, Banjijay, eOne, Paramount, ITV and Lionsgate.

MultiChoice Group appoints Marc Jury as interim CEO of Showmax as Yolisa Phahle steps down
Showmax
The General Entertainment package is currently priced at $2.89 (N2500) per month in Nigeria. Additionally, the new Premier League Mobile plan will be available at $3.35 per month (N2900), while the Entertainment and Premier League mobile bundle will cost ₦3,200 ($3.70) monthly.

Netflix is pricier in comparison with the premium tier costing N4,400 per month. The Standard plan costs N3600 while the Basic plan costs N2,900 per month.

Payment for the streaming platform has been an issue when it comes to Netflix increasing the number of its subscribers as they rely on card and Paypal payments. This creates friction with the additional step of creating a virtual card through MPESA’s GlobalPay.

It is interesting how all this plays out this year as the streaming wars heat up not just in the continent but across the world as well. But Showmax might be dominating for a long time because of its irresistible catalogue of content.

Weeks after Amazon Prime beat a hasty retreat from Africa, Showmax, the streaming service majorly owned by MultiChoice, presented a spectacle that shows how much it is betting the house on African streaming.

For four days in the first week of February, the Showmax team went to great lengths to show its guests—journalists whose stock in trade is skepticism—who were in Johannesburg for a grand launch, how much it believes in its ability to crack Subscription Video On Demand (SVOD) in Africa.

For months, the company has talked up Showmax 2.0, its second iteration, the new technology that underpins the new app, the partnerships it believes will serve as a competitive advantage, and its unique understanding of the African market. A fun game would be taking a shot whenever a Showmax executive mentions their unique understanding of the African market.

But this is not a game. Instead, last week was the final stretch before it migrates all of the data from the old app on February 12. It was about celebrating the sheer amount of work that has gone into this moment: the beginning of what the company hopes will be a long march into dominating and making a solid business of African video streaming.

Showmax, which started as an idea three years ago, will be the major drive of MultiChoice’s goal of attracting 50 million paying subscribers in five years—a fifth of Netflix’s 260 million subscribers in Q4 2023. However, all markets are not created equal, and 50 million paying subscribers in the African market is ambitious. A mix of a startup mentality and riding the coattails of an established parent business will be critical for success. “We’re over here because we began as a startup, and we wanted that startup mentality. We wanted to begin without the guidance of our parent company,” said a member of the company’s marketing team, explaining why the Showmax office sits in the corner of the MultiChoice campus, away from the rest of the main building.

The MultiChoice campus
Showmax’s office is quirky and has all the clichés of a fashionable startup office in the middle of a big launch: whiteboards in spaces designated as war rooms, employees hunched over big screens, drinking too much coffee and looking stressed, and a Lego board the design team uses to destress. “We had more than three meetings every day,” one person tells me, explaining the pace of work in the lead-up to the launch party. Everything had to be right.

As launches go, Showmax pulled off a masterclass in branding, with its colourful X logo prominent. The stars of some of its original shows, like Wura, The Real Housewives of Abuja, Spinners, and Adulting, were on hand, and the team created experience booths for those shows.

Despite the entertainment, the conversations were serious, and the theme was Showmax’s plan to become the king of African streaming. While most tech publications would call it a bet, Andrea Zappia, the former Sky executive recently named chairman of the Showmax, disagrees.

“This is a logical investment,” he told an excited crowd of about 400 people at the MultiChoice dome, the venue of the launch, on Tuesday evening. Alongside Calvo Mawela, the group CEO of MultiChoice, the pair discussed some behind-the-scenes wheeling and dealing that made this iteration of Showmax possible.

“It took a lot of convincing for these partners (Comcast, NBCU) to make their first investment in Africa,” said Mawela, referring to NBCU’s 30% equity investment in the streaming company. The conversations began in 2020 and were slowed down by the pandemic, but now everything is in place.

Technology, check. Important partnerships, check. Extensive investment, check. Passion, check.

Now the race is on for MultiChoice, a publicly listed company, to show its shareholders that it can pull off this bold bet. And if it’s feeling any pressure from Canal+ breathing down its neck, the company’s executives and employees didn’t show it.

Just before the party started, Mawela told the crowd, “Showmax and streaming are not just a project, it’s a passion.”

But passion doesn’t pay any bills. The company has set its own goals publicly, and now we must measure success or failure by its ability to capture 50 million paying subscribers by 2029. The journey starts now.

Africa’s leading pay TV company, MultiChoice Group, and U.S. media powerhouse Comcast’s NBCUniversal Media are set to embark on a significant investment journey, funneling around $177 million into Showmax’s video streaming platform this year.

This financial commitment stems from a strategic partnership formed in 2023 involving MultiChoice, NBCUniversal, and Sky, aimed at a comprehensive revamp of Showmax. In line with this collaboration, MultiChoice relinquished a 30% stake in Showmax to NBCUniversal, a move reported by Reuters.

The recent disclosure outlines detailed plans for both entities to infuse an initial $30 million in equity funding into Showmax, effective today, February 2(today). Looking ahead, an additional funding injection of up to $127 million is anticipated throughout MultiChoice’s fiscal year, concluding on March 31.

MultiChoice, in its pursuit of maintaining dominance amidst stiff competition from global streaming giants like Netflix, Amazon, and Disney, strategically positions Showmax as a robust player in the streaming domain.

This competitive landscape sees players like Netflix actively investing in local content to fortify their foothold in the African market. MultiChoice’s investment strategy aligns with this trend, as it strives to elevate Showmax to a leading position in the African streaming scene.

What you should know

Presently, MultiChoice maintains a robust 70% ownership stake in Showmax, underscoring its unwavering dedication to the platform’s expansion. The ongoing financial backing from both MultiChoice and NBCUniversal aligns with their proportional shareholdings, reflecting a balanced commitment during this pivotal investment phase.

Looking ahead, the dividends reaped from Showmax’s future success will be distributed among shareholders in line with their proportional ownership, ensuring an equitable sharing of profits.

The capital injection serves as a strategic move to reinforce Showmax’s standing in the fiercely contested streaming market, where global contenders vie for the attention of the African audience.

Showmax is strategically diversifying its content approach, not only spotlighting international offerings from NBCUniversal and Sky but also introducing original local programs.

This nuanced strategy aligns seamlessly with the overarching trend in streaming, acknowledging the potency of region-specific content to captivate and resonate with audiences effectively.

What we know
Going a step further, MultiChoice is set to augment Showmax’s allure by introducing an independent live Premier League soccer plan tailored for African subscribers. This innovative move, coupled with the imminent launch of original local content programs in February, contributes to the platform’s distinctive content repository.

Beyond financial backing, MultiChoice’s strategic initiatives underscore its commitment to adapt to the swiftly transforming media consumption landscape.

With the goal of establishing Showmax as a prominent player in the African streaming realm, MultiChoice envisions an additional $1 billion in revenue in the medium term.

In essence, this comprehensive approach by MultiChoice and NBCUniversal, marked by significant investment and strategic enhancements, mirrors a calculated response to the evolving dynamics of the African streaming industry.

French media giant, Canal+ has submitted an offer to buy DSTV’s parent company, Multichoice in South Africa. This is according to a statement released on Thursday and seen by various media houses. According to the statement, Canal+ a major shareholder in Multichoice, confirmed that it submitted a letter to that effect to the the Board of Directors of MultiChoice.

According to reports, the letter contained a non-binding indicative offer for Canal+ to acquire all of Multichoice’s issued ordinary shares that Canal+ does not already own. Chairman and CEO of Canal+, Maxime Saada said the purpose of the acquisition is to bring the strategy which the South African media company needs to continue thriving.

“For MultiChoice to continue to thrive in Africa, it will require a strategy that enhances its scale as well as strengthens local and global expertise. Our Potential Offer, if successful, would be an important next step for MultiChoice to realise its full potential,” the CEO said.

Multichoice: French media giant Canal+ submits bid to acquire DSTV parent company
Maxime Saada Credit: Philippe Mazzoni
The statement by Canal+ noted that the acquisition offer is subject to the French media powerhouse obtaining the necessary regulatory approvals.

“Subject to certain confirmations that Canal+ expects following further engagements with MultiChoice, Canal+ anticipates its offer to be for a cash consideration of R105 per MultiChoice ordinary share, which would represent a premium of 40% to MultiChoice’s closing share price of R75 on 31 January 2024,” the statement reads.

Multichoice’s declining revenue and Canal’s intervention
Multichoice, the parent company of DSTV has endured a torrid business landscape across Africa in recent times. Between April 1 and September 30, the company suffered a staggering after-tax loss of R911 million ($50.2 million) during the six months representing Q2 and Q3 of 2023. This is a substantial downturn compared to the R55 million after-tax profit reported in the corresponding period of 2022.

Correspondingly, its shareholders lost $1.7 billion as the company’s share price continued to slump. The company also experienced a 1% decline in revenue, slipping from R28.7 billion to R28.3 billion. Operating profit followed suit, plummeting 22% from R6.2 billion to R4.8 billion.

In addition to these setbacks, MultiChoice’s free cash flow witnessed a significant drop, standing at R1.07 billion, reflecting a 40% decrease from the R1.8 billion reported in the previous year.
In December, the company’s Chief Financial Officer, Tim Jacobs revealed that the company is gearing up for what he called “inflationary price increases” expected to be effected in January. The CFO said this was due to mounting financial challenges as the company struggles to maintain a healthy balance sheet. According to him, inflation-level price increases for DStv are necessary to ensure sustainable growth and the continued delivery of high-quality content.

With these woes trailing the company, Canal+, having grown its investment to become the company’s largest shareholder, is looking to salvage its investment in the company. The media company believes that by combining both companies’ strengths, MultiChoice would have the resources to invest in scale, local African talent and stories, and best-in-class technology to allow it to grow in Africa and compete with the global streaming media giants.

“We are steadfast in our belief that MultiChoice could enjoy a bright future as part of a combined group with Canal+,” the CEO, Maxime Saada said.

Canal+ noted that upon the satisfactory completion of a confirmatory due diligence, it intends to deliver a firm intention letter to the Independent Board. It noted that at this stage, there can be no certainty about the progression of the Potential Offer, nor the terms of any transaction that may occur.

Multichoice generates N277 billion from operations within Nigeria in one year
It however, said it is respectful and observant of all laws and regulations relating to the South African media sector and companies listed on the Johannesburg Stock Exchange and that any firm intention letter submitted would be mindful of the obligations that Canal+ would have in this regard.

The French giant further said it is actively preparing for its listing following the unbundling of its parent company, Vivendi. Thus, this acquisition, if it pulls through, will allow investors to benefit from the combination of Canal+ and MultiChoice.

“Our ultimate goal is to obtain a listing in South Africa,” Canal+ said.

The highly anticipated Africa Cup of Nations (AFCON), the premier football tournament on the continent, kicked off in Ivory Coast. This prestigious tournament, sanctioned by the Confederation of African Football (CAF), has been a footballing spectacle since its inception in 1957.

The list is courtesy of Bettingsites.co.cuk.

The 1957 edition featured three participating countries. 67 years later, the tournament has evolved significantly, with the number of participants tripling to an impressive 24 teams vying for supremacy.

The winning national team will take home US$7 million while the runner-up takes US$4 million, third place takes US$2.5 million and the fourth-placed team takes US$1.3 million.

An insightful report by Bettingsites.co.cuk has disclosed the financial standing of the most expensive African team participating in the AFCON event. This revelation relies on current financial rankings and market values, shedding light on the strength and global competitiveness of African national teams.

Per the report, the Super Eagles of Nigeria are the most valuable team at the 34th edition of the AFCON competition.

Nigeria have the most players in the top European leagues and are coming into the tournament rated highly.

Napoli striker Victor Osimhen is the most expensive player in the team, currently valued at $120 million.

Below are the 10 most expensive squad at AFCON 2024:
Rank Country Value
1 Nigeria €349.75 million
2 Morocco €347 million
3 Ivory Coast €334 million
4 Senegal €274 million
5 Ghana €196 million
6 Algeria €188 million
7 Mali €140 million
8 Cameroon €137 million
9 Egypt €135 million
10 Democratic Republic of Congo €110 million

Netflix on Tuesday said it will soon be home to the WWE’s most-watched wrestling show, as part of a multibillion-dollar deal that will see the streaming giant enter the ring to compete in covering live sports.

The streaming giant is acquiring the rights to WWE Raw in a $5 billion deal to be paid out over 10 years, as the wrestling group’s contract with Comcast nears its expiration, Bloomberg reported. The series will begin airing on Netflix in January 2025, and will be available to subscribers in North America and other international markets. WWE is part of TKO Group Holdings.

“Our partnership…dramatically expands the reach of WWE, and brings weekly live appointment viewing to Netflix,” TKO President and Chief Operating Officer Mark Shapiro said Wednesday in a statement.

More broadly, the agreement highlights the opportunities companies such as Netflix, Amazon, Disney and Paramount Global see in streaming sports content (Paramount owns CBS News.) The number of viewers who stream sports events at least once a month is projected to rise to more than 90 million by 2025, up roughly 58% from 57 million in 2021, according to a report from PricewaterhouseCoopers.

Speaking on CNBC, TKO CEO Ariel Emanuel said he didn’t believe there’s a move away from traditional television networks or cable networks, but that streaming platforms were becoming another option, as seen through its “Raw” deal with Netflix.

“This is the streaming play. For us, it’s the next step,” he said.
Netflix is a comparatively late entrant to growing business of live-streaming sporting events. Its push to build out its live sports offerings comes less than a year after the company aired its first live sports event, The Netflix Cup, a golf tournament in 2023.

Under the deal, Netflix will also stream WWE specials such as Smackdown and NXT, in addition to hosting pay-per-view live events, such as Wrestlemania and Royal Rumble. Pay-per-view content will be available to Netflix subscribers at no extra charge.

Also part of the agreement is a stipulation that grants wrestling star Dwayne “The Rock” Johnson the legal rights to his stage name. He has also been named a TKO Group board member.

A report published by financial solutions firm, Cardinal Stone and titled ‘Strategic Resilience: Sailing Through Business Disruptions’ identified high operating costs as a major factor which could lead to the mass exodus of firms operating in the FMCG sector.