One of the most lucrative parts of visual entertainment in the 21st century is filmmaking. This venture have recorded unbelievable revenue and made several thousands of actors and actresses multi millionaires through publicity. Suffice to say that the opportunities herein are limitless and lucrative.
Having seen industries like Hollywood and Bollywood soar in revenue generation in contemporary times, there is no doubt how much hype it gets on the entertainment front. The monies realized from box office movies alone is more than the budget of five African countries combined.
Although Hollywood ranks as the third largest film market in the world in terms of tickets sold per year with just under 1.2 billion tickets sold in 2016. On the other hand, Bollywood ranks as the second largest film market in the world also based on tickets sale. These two industries have an outstanding strength in the film market and churn out hundreds of million of dollars each time a movie hits the box office.
Before now, we all agree that the Nigeria movie industry (Nollywood), have been up and down the rankings; although Nollywood haven’t come any where near this duo in terms of revenue generation, but recently the fortunes have turned around a great deal and it’s gradually taking it’s pride of place among the very best in global rankings.
In the last two years, Nollywood have seen The Wedding party: Destination Dubai, rake in 73.3 million naira (about $202,000) in its opening weekend on December 15th-17th, which is a new record according to the film’s producers. The first part of that same movie raked in a total of N453,050,000 holding the record to date. The last two years have seen Nollywood productions including The wedding party (N453,050,000), The wedding party 2 (N312,000,000), A trip to Jamaica (N178,500,000), 30 days in Atlanta (137,200,000) and Fifty (N94,050,000) all set new records in their different release dates.
Gone are the days when there was an over dependence on the sale of DVD plates after shooting a low budget home video. The amount of money producers invest in productions these days is overwhelming and the result has been tremendous. The story ideas have also been unique and less predictable unlike the yester years and somehow Nigerians have resurrected the cinema culture, which has in turn given rise to huge revenue generation in this industry.
Somehow, we have managed to rewrite our names in the history books, telling the world that something good can actually come out of Nollywood. This idea has specifically put mediocre movie producers on their toes to come up with better content and quality movies for the Nigeria populace.
Apart from the aforementioned, we have seen companies like Iroko, Ibaka and the likes make these movies available on their respective platforms for streaming or downloads depending on individual choice, and this act has redefined Nigeria’s interest in local movies as the citizenry is appreciating the new dimension the industry is taking. We have the population and invariably the market to stay on top of our game in the movie sphere.
Now we know our onions and we’re coming at the world with a gush. We certainly deserve more hype than we’re currently getting!