When stakeholders gathered to discuss Africa’s rise through ‘mediatainment’

The Verdant Zeal Group recently held its seventh edition of the Innovention Series, a parley between stakeholders in various fields to reposition the affected industries for greater achievements. This year’s series focused on the entertainment industry and therefore attracted the core of stakeholders across the movie, music, arts, comedy etc. The chairperson of the Innovention Series, Dr. Ibilola Amao, in his speech, told the gathered audience, “About two decades ago, Africa had an ignoble past as a continent ridden with corruption and it was renowned for poverty, human rights violations amongst others. However, the narrative has started changing as

Africa is currently credited with many global creative works, which have been amplified through media exposure and the internet. The creative industry has changed the perspective about Africa. This evolution has changed the ecosystem within the industry and it has brought fortune to youngsters; offsetting monopolies and creating a new distribution model. As it is said, ‘Content is King’ in this dispensation. With this development, we all have to migrate into the new era and one of the ways is by learning from the colossus.

“According to 2014 statistics released by the Nigerian government, Nollywood was valued as a $3.3 billion sector, with 1844 movies produced in 2013 alone. In the last four years, that figure would have increased tremendously. With productions like ‘Saro the Musical’, ‘Wakaa’, ‘The Wedding Party’ franchise, ‘Web Series’, ‘Love like a movie’, ‘Science Student’, ‘Skinny Girl in Transit’, and of course, ‘Wakanda’, Africa is clearly taking the lead in telling its stories”.

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Continuing, he said, “There are many observers who believe that the global reach of African content could take off, led by video on demand (VOD), powered by the internet and strong distribution networks. This is driven by the popularity of Nigerian content across Africa and the diaspora. Nigeria’s National Bureau of Statistics data also highlights the industry’s greatest shortcoming: severe revenue bleed. Of the industry’s $3 billion valuation less than 1 percent was tracked from official ticket sales and royalties. The rest came from pirated reproductions sold by unauthorized vendors for roughly $2 each. As a result, producers and financiers see only a fraction of the movie industry’s economic value. But these challenges can be overcome when there’s a concerted strategy to take ownership, build structures and inspire excellence. In order to tap into the full potentials of this sector, we would be considering, “Building Africa’s Reputation through Mediatainment”, he said.

After his speech, Nollywood actor, Ramsey Nouah, celebrated comedian, Ali Baba Akpobome, and many more took turns speaking about the business of entertainment and how it can impact the growth of Nigeria and Africa. The parley was moderated by Dare Art Alade while the keynote address was delivered by Mrs Bolanle Austen Peters, CEO, BAP Productions.