Globally, the film entertainment market generated about US$90.6 billion in revenues (2010) and nearly US$100 billion in 2012. However, due to several challenges (discussed later in this article), African movies own just a tiny slice of these revenues. The pie chart above shows the average number of movies released on the market every year by the three largest movie industries in the world. India’s Bollywood is the most prolific with about 3,000 movies released every year. It is closely followed by Africa’s Nollywood (2,000) and then Hollywood. In spite of its huge volumes, the African movie industry is not yet a multi-billion dollar business like its counterparts across the world.
To provide some perspective to the potentials of the African movie industry, let’s quickly compare our market (in a growth phase) with Hollywood, the well-established and mature American movie industry. Did you know the American movie industry is the second largest export revenue earner for the USA, after the aviation industry?
The size of the US movie industry is so large that the State of California, where Hollywood is located, has a GDP of nearly US$1.4 trillion (pre-recession) and is (was) the fifth largest economy in the world; richer than the combined wealth of all the 54 countries in Africa! On the other side of the world, Indian films are some of the top box office hits around the globe, with over 20,000 cinemas in India alone. Some of the richest people in India are Bollywood filmmakers and distributors and the Indian movie market remains on a steady path of prosperity. Africa’s film history shares a lot of similarities with Bollywood, and it is widely expected that Africa’s movie market success will mirror India’s.
Given the current growth rate of the African film market, it clearly shows the potential of becoming a multi-billion dollar market in less than a decade. The industry is currently the second largest employer in Nigeria (where the movie boom started) and enjoys a fast growing audience across the world. Although African films have been produced since the 1960s, the introduction and growth of affordable digital filming and editing technologies has caused an explosion in video film production. The major limitation of African movie industry, mainly dominated by Nollywood and Ghollywood, is distribution of contents to the vast film lovers across the globe. Kingsprimetv has stepped in to bridge this gap. Kingsprimetv streams premium African movie contents for African movie lovers to view on different screen media across the globe. Visit https://www.kingsprimetv.com for latest African movies. Kingsprimetv-Movie at its peak.