The Lion King movie premiered globally on Friday, July 19 with the music of six Nigerian stars on the soundtrack. Our cultural sector counts as one of the few bright spots of these times.
French media giant Canal+ has invested in the four-year-old Iroko Studios to produce more films for the African and global market. Nigerians have gained nominations into the US-based The Academy of Motion Picture Arts and Sciences for their roles in film production.
Nigerian stars whose music is part of the Disney movie include Tekno, Yemi Alade, Mr Eazi, Burna Boy, Tiwa Savage, and Wizkid. Their inclusion adds fillip to the status of our music as among the world’s best. They are among the stars of this generation and feature alongside American superstar Beyonce Knowles.
In May, Warner Music Group (WMG) announced a partnership with Audu Maikori’s Chocolate City label. “The deal will expand the global reach of Chocolate City’s roster of artists, including Femi Kuti, M.I. Abaga, Dice Ailes and more”, according to industry voice Billboard. Under the new deal, announced Thursday, May 28, artists on Chocolate City would join the repertoire of WMG. And will see WMG invest in Chocolate City to sign and develop promising local talent.
A study by PricewaterCoopers (PwC) showed that the sector keeps fulfilling its precious promise. The music segment has grown at an annualised 13.4%, with forecasts of revenues of $73m or N26.28b in 2021. Revenues in the broader entertainment industry would hit $6.4b in 2026, double the figure of $3.6b in 2012.
Nollywood played a pivotal role in drawing global attention to the possibilities of the Nigerian creative and entertainment sector. It has gone through four epochs, including changing from a video-based, straight-to-home approach to reverting to standard film format and marketing first through cinemas. The New Nollywood continues to attract global interest, study, and investments.
In an essay “Cracking Frontier Markets,” Harvard University scholars Clayton M. Christensen, Efosa Ojomo, and Karen Dillon identify Nollywood as an example of market-creating innovation.
Come September, the School of Media and Communication of the Pan-Atlantic University will commence a Master’s degree in Film Production in furtherance of skill development in film, cinema and broadcasting.
The trajectory of ROK studio, the brainchild of Mary and Jason Njoku, exemplifies the growth story of Nollywood. ROK is a film studio and international TV network has the most extensive catalog of Nollywood movies for online distribution. It has 15 million subscribers and three channels on the DsTV. It has produced over 540 movies and 25 original TV series.
It’s notable that the sector has succeeded because government has wisely allowed it the freedom to grow. Entrepreneurs have led the way with the government following to establish structures for quality control, such as the National Film and Video Censors Board.
We commend the effort of the Central Bank of Nigeria and the Bankers’ Committee to enhance the enabling environment for the sector with the Creative Industry Financing Initiative (CIFI) which will provide loans at 9% to entrepreneurs in Fashion, Information Technology, Movie Production, Movie Distribution, Music, and Software Engineering.
A fund for the creative sector is a welcome encouragement to an industry that is already doing so much and represents Nigerian enterprise in a good light. The creative industry will continue to deliver excellent results and returns to the country.
The creative industry can contribute more to the economy and society through jobs, entertainment (and relief of tension in these hard times). Nigeria needs to tap into the considerable potential of the sector.
