The Nigeria based Nollywood film studio, LaVida Studio have secured an investment totaling $100 million for its Nigerian movie projects. LaVida Studio working in collaboration with Dentsu’s The Story Lab U.S. signed a deal for ten projects that will showcase Nollywood films to the world.
The Nollywood movies are making impact and becoming a worldwide phenomenon with viewership growing tremendously. Therefore investment in Nollywood is a reasonably a good investment with quantifiable returns.
“The three-year collaboration with The Story Lab is for 10 films and television properties focused on bringing African stories to the global stage. Focusing on both scripted and unscripted film and TV projects, the alliance will see production serviced exclusively by LaVida Studios for all Africa-based production out of The Story Lab.”
“LaVida Studios is based in Lagos, home to Nigeria’s flourishing Nollywood film industry. PAC Capital Limited has committed an initial $50 million for LaVida’s film and TV projects, including the collaboration with The Story Lab. The funding is being accessed from PAC Capital’s PanAfrican CCI Fund 1, a $100 million fund dedicated to financing film production and distribution in Africa.”
“LaVida and Dentsu are also planning to team with the African International Film Festival (AFRIFF) to create a joint initiative, which would recruit and support top African writing talent in creating original stories that appeal to a global audience.”
Chioma Ude, founder of AFRIFF and managing partner in LaVida Studios, said: “We are thrilled to be working together with Dentsu and its The Story Lab team in the U.S. to bring authentic and compelling African stories to the world.”
The investments in African based movies and film studios especially in Nollywood, an emerging market is the way to go. The market is there for the consumption, even beyond the shores of Africa, immigrant communities of Nigeria and other African countries are exposing their host nations to Nollywood movies and Afrobeats music.
In the local American air flights, the arrays of Nigerian movies shown are heartwarming and hilarious with much fun for relaxation. In the nearest future, Nollywood films will be showing in movie theaters in Americas, Europe, China and beyond.
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