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The booming African movie market
According to UNESCO, Africa's film and audio-visual industries could create over 20 million jobs and contribute $20 billion to the continent's GDP. Damola Ademola, Executive Producer and Co-founder of Inkblot Productions spoke with CNBC Africa on the untapped potential.
Mon, 26 Sep 2022 14:59:03 GMT
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AI Generated Summary
- The impact of streaming platforms like Netflix and Amazon on the African movie market, providing new avenues for distribution and revenue generation
- The role of countries like Nigeria, South Africa, and Kenya in leading content creation and distribution within the continent, attracting foreign investment and global interest
- The economic transformation brought about by advancements in distribution channels, such as streaming platforms, making African movies more financially viable and leading to larger-scale productions
Africa's film and audiovisual industries have long been seen as having immense untapped potential. According to UNESCO, this sector could create over 20 million jobs and contribute about $20 billion to the continent's GDP. This potential has not gone unnoticed, as key players like Damola Ademola, Executive Producer and Co-founder of Inkblot Productions, have highlighted the opportunities that are emerging in the industry. In a recent interview with CNBC Africa, Ademola discussed the impact of streaming platforms like Netflix and Amazon on the African movie market, as well as the role of digital technologies in driving growth. One of the key points raised by Ademola was the increasing interest from global streaming giants like Netflix and Amazon in African content. He noted that these platforms are not only commissioning new productions but also licensing existing content, which provides African producers with new avenues for distribution and revenue generation. Ademola pointed out that countries like Nigeria, South Africa, and Kenya are currently leading the way in terms of content creation and distribution within the continent. He emphasized that the influx of foreign investment and the growing demand for African content on global platforms are driving the industry's expansion. Ademola also discussed the economic impact of the film industry, citing the example of a successful Nigerian movie called 'Wedding Party,' which became the highest-grossing movie in the country at the time of its release. He explained that advancements in distribution channels, such as streaming platforms, have made African movies more financially viable, leading to increased investment and larger-scale productions. Ademola highlighted the importance of digital technologies in boosting the production and distribution of movies in Africa. He mentioned that broadband internet access and the rise of platforms like YouTube have democratized the industry, allowing filmmakers to reach global audiences with minimal resources. Despite the sector's potential for growth, Ademola acknowledged that challenges remain, including perceptions of the industry as unstructured and lacking formal education pathways. He emphasized the need for a shift in mindset to view the film industry as both a creative and structured business, drawing on skills and expertise from other sectors to drive success. Ademola's insights shed light on the evolving landscape of Africa's film industry and the opportunities it presents for economic transformation and job creation. As the sector continues to harness digital innovations and attract international interest, the future looks promising for African filmmakers and content creators.
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