MultiChoice CEO John Ugbe on why more investors are turning to Africa’s movie industry

The African movie industry is experiencing a surge of interest from both local and foreign investors, marking a significant shift in the landscape of the entertainment sector on the continent. MultiChoice CEO, John Ugbe, sheds light on the industry's growth and potential during an interview on CNBC Africa. Ugbe, who has been a prominent figure in Africa's media and entertainment industry, shares the journey of rewarding excellence through platforms like Africa Magic, which have played a pivotal role in showcasing African stories by Africans. With a focus on investing in local content, MultiChoice has emerged as one of the biggest investors in African content, setting a high standard for quality and creativity. One key aspect that sets the industry apart this year is the quality of nominees and the anticipation for a remarkable presentation at the 7th Africa Magic Viewers' Choice Awards. Ugbe hints at surprises in store for viewers, indicating that this year's event will be grander than ever before. The growth trajectory of Africa's movie industry has been fueled by increased investment and creative talent across the continent. Ugbe emphasizes the importance of nurturing creativity through financial backing, noting that the industry's impact extends beyond entertainment to various sectors like food, fashion, and design, contributing significantly to the GDP of nations. In terms of investor interest, Ugbe acknowledges a growing attraction to the African movie industry due to its potential for market expansion and profitability. Both local and foreign investors are recognizing the opportunities within the sector, leading to a surge in funding and support for local productions. While discussing the cinema market in Africa, Ugbe highlights the need for more cinema screens to cater to the growing demand for cinematic experiences. Despite the challenges associated with infrastructure development, he remains optimistic about the industry's continuous growth with increased investments and expanded viewing platforms. The appeal of local movies, particularly those in indigenous languages, has gained significant traction not only within Africa but also globally. Ugbe emphasizes the universal appeal of well-produced local content, citing examples like the blockbuster 'Black Panther' as a testament to the success of authentic storytelling. As the world grapples with the COVID-19 pandemic, Ugbe acknowledges the potential impact on the entertainment industry but expresses confidence in Africa's resilience to overcome challenges. While the pandemic has disrupted global sectors, including entertainment, Ugbe remains hopeful for a swift recovery that will reignite investor confidence and market stability. In conclusion, the African movie industry stands at a pivotal moment, attracting a wave of investments and opportunities that promise to elevate the sector to new heights. With visionary leaders like John Ugbe at the helm, the industry is poised for a transformative journey that celebrates African creativity, innovation, and storytelling on a global scale.