Spotlight: The Nigerian Film Industry

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The Nigerian Film Industry (Nollywood) is globally recognized as the second largest film producer in the world.  The Industry is a significant part of the Arts, Entertainment and Recreation Sector which contributed 2.3%  (NGN239biliion) to Nigeria’s Gross Domestic Product (GDP) in 2016.  

It is one of the priority sectors identified in the Economic Recovery and Growth plan of the Federal Government of Nigeria with a planned $1billion in export revenue by 2020.  Nonetheless, existing challenges will have to be addressed to take Nollywood to the next phase.

PwC’s Global Entertainment & Media Outlook 2017 – 2021 provides deep knowledge and actionable insights on the trends that are shaping the entertainment and media industry.  

Financing & Infrastructure

  • Alternative Funding Mechanisms
  • Accurate data collection and tracking of revenue
  • Digitisation
  • Multipurpose use of artistic spaces for cinemas, galleries, stage plays and private screening
  • Multiple revenue streams and consumption modes
  • Multiple distribution channels 

Capacity Building

  • Training institutes e.g.  Film Academies
  • Sponsorships/scholarships for local & foreign courses
  • Mentorship from veteran entertainers
  • Regulators
  • Exportable content

Tax Policies & Reforms

  • Tax waivers and incentives
  • Developed policies tailored for the industry
  • International co-production treaties & bilateral agreements Legal
  • Ownership of Rights
  • Regulations for protection of Intellectual Property rights
  • Elimination of Piracy
  • Contract structures 

Global

  • Co-production with global film producers
  • Film tourism
  • Film festivals
  • Recognition on a global scale 

Case Study – India

India is the largest producer of films in the world in terms of quantity. Key Government initiatives were implemented which resulted in rapid progress. Some of these initiatives as well as the impact of new technology are highlighted below:  

Written by: Femi Osinubi, Entertainment Leader, PwC Nigeria

Culled from ProshareNG

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