Nollywood, the vibrant Nigerian film industry has been on an upward trajectory in recent years. But not too long ago, despite its undeniable potential, limited investment opportunities stifled its growth. Limited funds hindered the creation of high-quality content, profitability, and the industry’s ability to reach global audiences
However, the tide has significantly shifted in recent years, and streaming giants like Amazon, Showmax, Multichoice, and Netflix are pouring resources into the industry, allowing Nollywood to produce higher-quality films and expand its reach across borders. From 2016 through 2022, Netflix invested $175 million and contributed a total of $218 million to GDP in South Africa, Nigeria and Kenya.
Interestingly, apart from funding from streaming giants, there is a growing interest in the Nollywood industry from unlikely investors.
In a historic moment for Nollywood, cinematic masterpiece, “The Black Book,” has risen to unprecedented heights on the global stage, becoming the first-ever Nollywood film to claim the number one spot on Netflix worldwide.
The film’s storyline, which revolves around the relentless quest for justice by Paul Edima, a former military guerrilla portrayed by Nollywood icon Richard Mofe Damijo (RMD), has captured the hearts of audiences worldwide. “The Black Book” delves deep into themes of redemption, and the haunting specter of the past, making it a must-watch for lovers of gripping cinematic narratives.
The movie’s success marks a turning point for Nollywood, addressing one of its long-standing challenges – securing funding for ambitious projects. “The Black Book” stands as a testament to what can be achieved when vision, talent, and determination come together.
Effiong’s directorial prowess is evident throughout the film, as he skillfully blends Hollywood-style techniques into the Nollywood narrative. Cinematography and camera angles that were once the hallmark of only Hollywood productions now grace the screens in this groundbreaking Nollywood film.
What truly sets “The Black Book” apart is its ensemble cast, which showcases the immense talent that Nollywood possesses. Veterans like Sam Dede, Alex Usifo, Shaffy Bello, Ireti Doyle, Patrick Doyle, and Taiwo Ajayi-Lycett deliver performances that not only elevate the film but also reinforce Nollywood’s position as a cinematic powerhouse.
“The Black Book” has not only made history but also paved the way for a new era of Nollywood filmmaking. It has shown that Nollywood is not limited by geographical boundaries; its stories can resonate with audiences across the globe.
On August 25, Editi Effiòng, a Nollywood director, shared a list of executive producers for his film, The Black Book. The list included influential tech magnates and venture capitalists. Movie financing shares a few similarities with startup funding. People who invest in movie productions receive their return mainly from the distribution of the movie.
These are the tech founders and venture capitalists who provided funding for “The Black Book,” Netflix’s latest top-ranked film.
| Rank | Producer | Tech startup |
|---|---|---|
| 1 | Gbenga Agboola | Flutterwave |
| 2 | Kola Aina | Ventures Partner |
| 3 | Olumide Soyombo | Voltron Capital |
| 4 | Ezra Olubi | Paystack |
| 5 | Odunayo Oweniyi, Somtochukwu Ifezue, Joshua Chibueze, and Somto Ifezue | Piggy Vest |
| 6 | Adesunbomi Plumptre | Volition Cap |
| 7 | Prosper Otemuyiwa, Nadayar Enegesi | Eden Life |
| 8 | Kola Oyenenyin | Opportunik Global Fund |
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