The sun may be setting on the golden age of Nollywood, but a new dawn is breaking for Nigerian creators. For years, actors and filmmakers have toiled away, yearning for a wider audience and a fairer share of the profits. While the rise of YouTube offered a glimmer of hope, it wasn’t until Meta finally opened its creator programme to Nigeria that the real game changer arrived. This is not just about money; it is about validation.
It is a long-overdue recognition of the immense talent bubbling beneath the surface, waiting to burst forth and take the world by storm. Mark my words, this is a turning point, not just for Nollywood but for the entire Nigerian creative industry.
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In the last five years, Nollywood Asaba producers saw a growth in the adoption of their model towards producing movies, but these new actors had a different distributor; no one saw them coming to YouTube! YouTube is helping a lot of Nollywood producers recoup their investments and see some good profits for their work, and the recent addition of the meta ecosystem to the mix just makes things even better.
It is worthy of note here that Facebook started paying creators as far back as 2021, leaving Nigerian creators in the dark.
One may assume that the recent move to add Nigeria to the program is a response to the Elon Musk X creator program having Nigerian creators go bullish on X since the program was announced. While we may not clearly state why Meta locked Nigeria out of the programme for three years, we see this as a move in the right direction.
The rise of content farms
Just like we have record labels for music artists, we will begin to see influencers signed to creative outfits and content farms, churning out hundreds of pieces of content weekly.
Content farms are not a new phenomenon; they have been around since the 2010s in the US, Europe, and Asia. Content farms will thrive because they will offer payment for service to creators who will act as employees to create content, which will be distributed by highly skilled social media analysts and growth experts. Although these employees may have the talent to create content, they may lack the gear, tools, and experience to grow as fast as content farms will.
Moneywood
Nollywood may just be on the brink of making it big. Imagine the deep penetration of Facebook in our local market and the potential for big paychecks. Over 41 million users on Facebook provide an opportunity to monetize lost and relevant content for Nollywood investors. It’s basically extending the current YouTube play on both Facebook and Instagram.
Actors, artists, comedians, and media personalities will begin strategic positions to earn from Meta platforms. After all, everyone is currently posting there. Everyone will come down to the level of content creation, getting the numbers up, and ensuring the paychecks keep coming in.
Skitmakers finally get their flowers
Content creators and comedians have never been abused and looked down on like they are in Nigeria. In the last 2 years in Nigeria, content creators have been more relevant than actors and TV celebrities, but the media structure and society have refused to accept this, consistently looking down on them and suggesting influencers are of a lower cadre than other celebrities.
Already existing creators will get most of the funds that will begin to spring up in the space, and their earning power will almost quadruple. Watch content creators own mansions in downtown Lagos within the decade.
This will mark a new source of forex for the Nigerian economy, and all creators earning on this programme will have to pay tax to the government.
Of course, more gossip blogs will rise, faceless social media accounts will also increase, and the rise of content created in desperation for views will skyrocket. The abuse and struggle for attention on social media heighten.
As we see a shift in business models globally, we observe that new career paths in the media spring up daily. A study by the International Advertising Bureau (Danghad, 2021) suggested that the Internet economy grew seven times faster than other industries put together and accounted for 12 percent of the total GDP in the US.
According to Statista, the creative sector contributed 1.1 percent to the national GDP in 2022; we expect this to rise in 2024 with this new development. We can’t forecast the growth rate for now, but it looks like an upward trend from here.
Sure, there will be growing pains. Content farms might churn out generic garbage, and the struggle for attention might reach a fever pitch. But amidst the chaos, diamonds will be unearthed. Talented creators will rise above the noise, captivating audiences with their unique voices.
This influx of funds will not only empower creators but also inject a much-needed dose of creativity into the Nigerian economy. Let the cynics scoff and the doubters fret. The future of Nigerian entertainment is bright, and it’s built on the backs of passionate, dedicated creators who are finally getting their due. Get ready, world. Nigeria is about to explode with creativity, and you won’t want to miss it.
Osahon Kelvin Edogun is a seasoned professional and entrepreneur with 10 years experience in marketing and fintech.
