Category: Entertainment

  • South African telcos urge Netflix to pay MTN, Vodacom, and others

    South African telcos urge Netflix to pay MTN, Vodacom, and others

    According to the Association of Communications and Technology (ACT), Netflix and other such services should pay to construct and maintain the network infrastructure that underpins their operations.

    To do this, it plans to introduce “Fair Share” agreements in the over-the-top (OTT) market.

    Telecommunications carriers use the phrase “over-the-top” (OTT) to refer to services hosted on their infrastructure, such as Netflix, Disney+, YouTube, and Amazon Prime Video.

    It also includes apps like WhatsApp, which directly compete with mobile networks’ voice and messaging services.

    Read also: Netflix raises subscription prices for Nigerian users

    Regulated service providers that compete with OTT platforms, such as Vodacom, MTN, Cell C, and Telkom, claim that their income is dependent on network utilisation.

    According to the ACT, “OTT providers heavily rely on the network infrastructure provided by network operators” to supply their services.

    “Fair Share arrangements guarantee that over-the-top (OTT) providers pay their share of the expenses associated with constructing, preserving, and modernising the infrastructure supporting their operations.”

    “This keeps network operators from taking all the load on themselves and helps balance the utilisation of resources,” it continued.

    According to the ACT, OTT services must be governed under a framework that helps maintain a balance between larger and smaller network operators.

    It further stated that OTT providers can guarantee ongoing investment in network expansion, capacity upgrades, and quality of service enhancements by sharing the expenses of network infrastructure.

    Beneficial for stakeholders 

    The ACT claims that “this benefits all stakeholders and fosters a healthier marketplace.”

    Creating a pooled fund that “serves its purpose outside of the commercial competitive dynamics of all network operators” is one suggestion for implementing Fair Share agreements.

    According to the ACT, these measures will encourage network operators to spend money on infrastructure.

    According to the report, “network operators may be discouraged from investing in the necessary infrastructure to support the growing demand for OTT services if they believe that OTT providers are not contributing fairly.”

    “Continuous investments in network development are incentivised by equitable compensation, resulting in improved user services and increased connectivity.”

    It also stated that, although this is complicated, the contribution will ideally be decided by mutual agreements on usage fees.

    The ACT states that any fair share agreement must be based on the law, business fairness, and an understanding of the industry’s dynamics to guarantee equity.

    The ACT stated there is still much space for development in South Africa and that network operators and over-the-top (OTT) providers share responsibilities for offering end users high-quality services.

    Read also: Amazon Prime Video gets a new look with generative AI upgrades

    Beneficial for subscribers 

    Therefore, the country’s end users may benefit from higher-quality services due to the suggested modifications.

    “In the end, South Africa needs a flexible, non-disruptive, and coordinated approach to building an information society to benefit consumers,” the statement reads.

    “To foster a thriving and competitive ICT sector in South Africa involves clear regulations, creative solutions, and close collaboration between policymakers, regulators, OTTs, and network operators.”

    Call on policymakers to tak£e action 

    The ACT outlined important factors for national regulators and lawmakers to consider in order to accomplish this.

    It suggests that the initial step in the procedure would be to set up a system that permits a thorough grasp of the OTT industry.

    Subsequently, legislators must examine current rules and modify them to account for evolving market conditions.

    “The objective is to establish a technology-neutral, uniformly treating similar services regulatory framework that promotes fair competition,” the ACT stated.

    However, it does point out that authorities need to uphold strict competition laws to stop anti-competitive activity in the market. According to the ACT, authorities have to reconcile legality with justice.

    “They should ensure compliance with current competition laws and regulations, as well as assess the economic impact on both network operators and OTT providers,” the statement stated.

    According to the ACT, the telecom industry’s deregulation in some areas may allow companies to be more adaptable to the rapidly evolving OTT and digital technology ecosystem.

    “Telcos would be afforded greater liberty to investigate joint ventures, financial prospects, and inventive service provisions.”

    To guarantee that a variety of viewpoints are considered when making regulatory decisions, regulators should interact with one another and all relevant parties, such as network operators, OTT services, consumer advocacy organisations, and trade associations.

    “Working together will result in more informed policies that properly balance consumer interests, industry sustainability, and innovation,” the ACT stated.

  • 12 Million Capitec users in SA to enjoy 50% off Showmax subscription

    12 Million Capitec users in SA to enjoy 50% off Showmax subscription

    Capitec and Showmax partner to offer South Africans a game-changing offering. The two companies established a cooperation to lower MultiChoice-owned platform subscription fees for the bank’s 12 million active app customers.

    Starting this week, Capitec users can buy Showmax streaming vouchers through the banking app for half the price. The entry-level Showmax Entertainment Mobile bundle will cost R22 per month, while the R49 per month Showmax Entertainment package will be available across all devices.

    Read also: The Future of MultiChoice Brands under Canal+

    Capitec and Showmax: A New Era in South Africa 

    The strategic agreement brings two of South Africa’s top brands together. Capitec, noted for its digital-first strategy and pricing, has continually grown beyond banking services. Showmax has pioneered local streaming with a diversified content inventory for a broad audience.

    This partnership is likely to greatly affect South Africa’s streaming business. Capitec and Showmax are directly competing with global streaming giants like Netflix, which has been steadily raising its subscription fees by making premium material easier for a wide variety of customers to access.

    The move is also a strategic response to the growing South African streaming market competition. With rivals like Disney+, Amazon Prime Video, and Apple TV+ gaining traction, Showmax has been pressured to maintain its subscriber base and attract new customers. The partnership with Capitec offers a compelling value proposition that could significantly boost Showmax’s market share.

    By providing benefits beyond standard banking services, the alliance gives Capitec a chance to improve the value it offers to customers. The bank is trying to become a one-stop shop for its customers’ banking and lifestyle needs by offering cheap entertainment.

    Read also: Netflix profit soars after a crackdown on password sharing

    Capitec and Showmax: Setting New Standards in Streaming 

    Capitec and Showmax’s cooperation will probably establish a new standard for joint ventures between streaming media and financial institutions. Increasingly, such alliances should show up in the next months and years as the struggle for consumer attention gets increasingly fierce.

    Showmax has been increasing its content inventory and investing in originals to compete with global streaming titans. The Capitec relationship complements the platform’s attractiveness to South African audiences.

    Although the partnership is currently only focussing on South Africa, there is talk that it could grow to include other African countries where both Capitec and Showmax are present. If this succeeds, streaming could significantly affect how streaming works in Africa.

    Observing the partnership’s influence on the South African streaming market’s competitive dynamics, consumer behaviour, and subscription numbers will be intriguing as it progresses.

  • Music startups in Africa with over $100K in funding

    Music startups in Africa with over $100K in funding

    Africa’s music industry is booming, propelled by a dynamic, tech-savvy youth and soaring global appeal. The continent’s music scene captures hearts and ears worldwide with innovative technology and vibrant talent.

    Digital music platforms like Boomplay, Deezer, Spotify, and Apple Music have transformed Africa’s music industry, expanding access to African music globally. They’ve bridged the geographical gap, allowing African artists to reach a vast audience and enabling music lovers to access a vast library of African music like Afrobeat, Juju and Highlife.

    This has led to unprecedented global recognition, lucrative artist revenue streams, and a vibrant music ecosystem. Digital music platforms have significantly contributed to Africa’s creative industries by promoting cultural exchange and economic growth.

    Read also: Top 4 wireless headphones to buy in 2024

    Exploring Africa’s Vibrant Online Music Scene

    Due to the growing adoption of mobile technologies and the increasing penetration of the internet, more Africans are able to stream music online and interact with a larger music community.

    Also, the global recognition of African musical talent has been remarkable, and 2023 will continue this trend. Africa’s annual music streaming revenues are expected to increase from $92.9 million in 2021 to $314.6 million by 2026.

    According to PricewaterhouseCoopers’ report, music streaming will grow significantly across major markets such as South Africa, Kenya, and Nigeria. South Africa’s streaming subscription revenue is anticipated to grow at a 10.5% compound annual growth rate, reaching R1.1 billion ($58.5 million) by 2027.
    The growth of creative innovators using technology to revolutionise music consumption and accessibility throughout the African continent has been driven by this anticipated increase.

    The Rise of Music Startups in Africa

    Below is a list of some of Africa’s high-potential music startups that have successfully raised over $100,000 in funding or partnered with top music companies worth millions.

    Anghami

    Anghami is a music streaming platform available in Europe and the USA. Across the Middle East and North Africa, over 70 million people have access to over 57 million Arabic and international songs and podcasts.

    Anghami, co-founded by Elie Habib and Eddy Maroun, was launched in Beirut in 2012 and relocated to Abu Dhabi in 2021. It raised $63.6 million in its latest round, supported by venture capital firms and strategic investors.

    Boomplay

    Boomplay, formerly known as Boomplay Music, is a media streaming and download service that Transnet Music Limited created with an emphasis on Africa.

    Nigerian music streaming platform Boomplay raised $25.5 million in two rounds, including a Series A in 2019, to support expansion, content acquisition, product optimisation, recruitment, and strengthening Africa’s leading music streaming service.

    Read also: Exploring the Power of iPad Pro M4

    Mdundo

    The Pan-African music streaming and download platform Mdundo has raised over $7.1 million in seven fundraising rounds, the most recent being an equity crowdfunding round.

    Mdundo, a platform providing free access to African songs, raised $6.4 million in an IPO in 2020. It attracted 3,000 investors and served over 5 million users in 15 Sub-Saharan African countries.

    Ayoken

    Ayoken, founded by Joshua King in 2021, is the first platform to buy exclusive digital collectables and social tokens from musicians, sports brands, creatives, and influencers from Africa and the global diaspora.

    The round saw key investors like Founders Factory Africa, Kon Ventures, Crypto League, R9C Ventures, and Maximus Ventures invest in Ayoken, a startup with no recent updates on its growth.

    Groove Platforms

    Groove Platforms, an African technology company, is transforming the music service value chain to lead Africa into a new era of global competition.
    Through innovative technology and strategic partnerships, Groove Platforms empowers artists, enhances fan engagement, and drives industry growth through the uduX Livestream Concert Platform, PopRev, and uduX Music App.

  • Amazon Prime Video gets a new look with generative AI upgrades

    Amazon Prime Video gets a new look with generative AI upgrades

    Amazon Prime Video has introduced a significant redesign to improve the user experience on its platform. This update brings a user-friendly interface, enhancing subscribers’ ability to discover and enjoy content effortlessly. By prioritising navigation, sports, and artificial intelligence, the new design aims to enhance the streaming experience.

    The redesign reflects Amazon’s continuous efforts to stay competitive in the saturated streaming market. Prime Video strives to enhance user experience and customisation to maintain current subscribers and entice new ones.

    Read also: Netflix raises subscription prices for Nigerian users

    Exploring the Enhanced User Experience of Prime Video

    The Prime Video redesign boasts a sleek and efficient navigation bar that enhances the user experience. Users can easily access categories like Home, Movies, TV Shows, Sports, and Live TV. This user-friendly layout streamlines browsing and lets users quickly locate their preferred content.

    In addition, the new Sports tab provides convenient access to live sports events, on-demand games, and sports-related programming, allowing sports enthusiasts to stay up-to-date effortlessly.

    In addition, the navigation bar provides options for handling add-on subscriptions. With a wide range of subscription options available, users can now manage their subscriptions more effectively, all from a single, convenient location.

    This upgrade is especially significant for people who love watching content from different networks and channels. It makes managing everything a breeze without switching away from Prime Video.

    Enhancing personalisation for Prime Video with AI

    The redesign also utilises artificial intelligence to improve personalisation. Prime Video has implemented cutting-edge generative AI technology to provide personalised content recommendations that align with users’ viewing habits and preferences. The new “Made for You” category in Movies and TV Shows offers personalised recommendations that cater to individual preferences, simplifying the process of finding new favourites.

    Read also: Amazon’s ‘No Console Required’ Xbox Bundle

    In addition, synopses generated by AI provide brief descriptions of shows and films, making browsing more efficient. This feature lets users quickly evaluate whether a title catches their attention without reading long descriptions.

    Furthermore, the redesign incorporates enhanced animations and quicker page transitions, creating a more captivating experience. Video content in the hero rotator will automatically play on living room devices as users browse, capturing their attention with new and popular titles. The hero rotator also showcases content that is accessible with a Prime subscription and titles that can be rented or purchased, making sure users are informed about the choices they have.

    The Prime Video redesign brings about notable improvements in navigation, sports access, and AI-driven personalisation, making the user experience more intuitive and tailored to individual preferences.

    These improvements are designed to create a more user-centric experience, making it effortless for subscribers to discover and indulge in their preferred content. With its ongoing innovations, Amazon has positioned Prime Video as a strong contender in the constantly changing streaming industry.

  • Celebrating World Chess Day: The Digital Evolution and Value of the Ancient Tech Game

    Celebrating World Chess Day: The Digital Evolution and Value of the Ancient Tech Game

    World Chess Day, celebrated annually on July 20th, commemorates the establishment of the International Chess Federation (FIDE) in 1924. As the ancient game of chess continues to attract tech-savvy brains worldwide, the digital revolution has changed how people interact with this timeless intellectual endeavour.

    Read also: Roaring into the Future: “The Lion King” 30th Anniversary Celebration

    Unleashing the potential of digital Chess

    Chess has found a new home online in the digital age, allowing players to connect and compete across boundaries via various technology platforms. Chess.com, Lichess, and chess apps for cell phones have made the game more accessible than ever. Aspiring players may now hone their technological abilities, compete in online tournaments, and even watch grandmasters battle in real time, all from the convenience of their gadgets.

    The digital evolution of chess has provided various benefits to both individual players and the worldwide chess community. Online technology platforms have democratised the game, allowing people of all ages and ability levels to join regardless of physical location. This has promoted diversity and allowed for exchanging ideas and techniques from various cultural backgrounds.

    Furthermore, the digital domain has transformed how chess is taught and learned. Interactive tutorials, AI-powered analysis, and online training have made it easier for beginners to learn the basics and experienced players to fine-tune their skills. The game’s educational tech value has also been enhanced by the availability of enormous databases of previous games and the opportunity to assess one’s performance.

    Read also: Essential tool- kits for serious gamers

    Preserving the essence of Chess in the tech Age

    While the digital shift has increased chess’ accessibility and appeal, preserving the game’s rich legacy and cultural value is critical. The tactile feel of moving actual pieces on a board, the camaraderie of in-person tournaments, and the deep thought that chess inspires are all essential to the game’s character.

    As we mark World Chess Day 2024, we must balance embracing modern technology breakthroughs and conserving chess’ ageless traditions. By doing so, we can ensure that this ancient game continues to engage and inspire future generations in both the physical and digital worlds.

    World Chess Day 2024 exemplifies chess’s enduring appeal and capacity to transcend time and technology. As we commemorate this milestone, let us embrace the digital evolution of chess while remembering its rich history and the vital cognitive and social benefits it provides. Together, we can continue to promote the game as a universal language of strategy, critical thinking, and cultural interaction in today’s technologically driven society.

  • Netflix adds 8 million new paid subscribers and $9.5 billion in revenue

    Netflix adds 8 million new paid subscribers and $9.5 billion in revenue

    The streaming service Netflix has added 8.05 million new paying customers in the second quarter of 2024, 54% more than expected.

    With this increase, Netflix now has 277.65 million global subscribers, securing its leading position in the streaming industry.

    This number is more than anticipated for new subscriber growth, even if it is less than the 9.33 million achieved in the first quarter of 2024. Netflix maintained its strong performance trend from the first quarter, generating $9.5 billion in sales and $4.88 earnings per share, which is in line with consensus projections and prior guidance, according to its Q2 results announcement.

    Read also: Netflix’s ad-supported plan ganners 40 million users worldwide

    Netflix predicts sales of $9.7 billion for the upcoming quarter, which would be a 13.9% year-over-year rise, but is expecting slower growth. The business intends to increase the entertainment it offers and invest in its ad-supported tier, which grew by 34% this quarter, to maintain momentum.

    Despite the company’s impressive quarterly performance, Netflix’s shares held steady after the news and have increased by 37% this year. The company’s capacity to continually surpass projections for subscriber growth highlights its adaptability and durability in a crowded streaming market, setting it up for future success.

    Netflix is dominating Nigeria’s streaming market 

    With original content like “Òlòtūré: The Journey,” which attracted a lot of attention and peaked in the top 10 worldwide charts on the site, Netflix is still influencing the Nigerian streaming market. This illustrates Netflix’s increasing influence and appeal in the area, which is being fueled by locally relevant productions.

    Furthermore, Netflix demonstrated its supremacy by garnering 107 Emmy nominations, the most of any platform or network this year. This demonstrated its broad approach to content creation and growing sway over people around the world.

    Read also: The Future of MultiChoice Brands under Canal+

    About Netflix 

    With 278 million paying users in more than 190 countries, Netflix is one of the top entertainment services in the world. Users can enjoy TV shows, videos, and games in a range of genres and languages. Members are free to play, pause, and resume watching whenever and wherever they like. They can also modify their plans at any moment.

    Netflix is the 23rd most popular website in the world as of October 2023. The United States accounts for 23.66% of its traffic, followed by the United Kingdom (5.84%) and Brazil (5.64%).

  • Shatta Wale reveals $2.2 Million investment in his Shaxi ride-hailing platform

    Shatta Wale reveals $2.2 Million investment in his Shaxi ride-hailing platform

    Artist Shatta Wale, of Ghanaian dancehall fame, has revealed that he launched his ride-hailing company Shaxi with more than $2 million investment.

    In a live session with his followers, the musician shared his desire to help people and create work chances as the reason for creating the service. He came clean about his priorities in life, saying he would rather see his supporters succeed than enjoy a life of luxury.

    According to Shatta Wale, the massive investment went towards several parts of the company, such as app development, the acquisition of numerous tiny cars, and general advertising.

    Read also: Burna Boy sets African Spotify streaming record with “Higher” single

    He said he could have spent the $2 million on Lamborghinis, Range Rovers, and Rolls-Royces, but instead, he put the needs of others first by starting a company that would help people and make a difference in the world.

    Shatta has shown that he is more than his outward appearance suggests; he is compassionate and has plenty of love to give.

    About Shaxi ride-hailing platform

    Shatta Wale, a famous musician from Ghana, said in July 2021 that he was going to introduce a ridesharing app similar to Uber named Shaxi. In December of that year, he accomplished just that at the Alisa Hotel in Accra, the capital of Ghana. Affordable and comfortable rides are the main focus of Shaxi, a ride-hailing firm based in Ghana.

    Now, much later, the Shaxi app is out in the wild. The app’s functionality is comparable to that of Bolt and Uber; users can arrange for rides to their locations.

    Shatta Wale expressed his desire for the app to help young people find employment during a launch event. “I always hope the kids of Ghana perform well, and everyone knows how much I adore them. He expressed his desire to see the youth of the ghettos go from being jobless to having jobs.

    According to the artist, he isn’t in it for the money; he wants to make a difference and leave his imprint.

    The Apple App and Google Play apps now have the Shaxi apps. 

    Read also: The global impacts of technology on African music

    Why ride-hailing platforms are necessary

    Ride-hailing apps have changed the game regarding urban transportation because they offer a quick, easy, and inexpensive way to get around town. They have addressed a significant deficiency in the public transit system by providing an adaptable and dependable substitute for conventional taxis and individual automobile ownership.

    Reduced wait times, better accessibility, and general mobility have been achieved by ride-hailing systems through real-time connections between riders and drivers.

    Additionally, they have paved the way for a sharing economy and opened up new avenues of income for drivers. The rise of ride-hailing services has revolutionised urban transportation by making it more convenient and easy for users to access their desired destinations.

  • Burna Boy sets African Spotify streaming record with “Higher” single

    Burna Boy sets African Spotify streaming record with “Higher” single

    Grammy-winning Nigerian singer Burna Boy has once more created music industry history. His most recent hit, “Higher,” set a new record for a solo African song’s most Spotify streams in a single day.

    Burna Boy’s reputation as one of the most successful Afrobeats musicians in recent times has been confirmed by the song’s outstanding start on Spotify Nigeria, which attracted over 1.31 million streams on June 28, 2024. This success underlines the worldwide appeal of Afrobeats music and adds to Burna Boy’s impressive honours resume.

    Read also: Spotify makes music videos available in Kenya, others

    Burna Boy’s dominance on streaming

    Besides breaking a new record, Burna Boy’s “Higher” has topped his best. The song’s popularity on Spotify Nigeria is evidence of Burna Boy’s capacity to create successful singles appealing to his followers regularly.

    Given the cutthroat character of the music business, “Higher’s record-breaking debut is especially remarkable. Burna Boy’s ability to stand out among his contemporaries is evidence of his talent and the calibre of his songs.

    The song’s outstanding Spotify Nigerian streaming figures confirm Burna Boy’s reputation as one of the most influential players in the Afrobeats scene.

    The popularity Burna Boy has on streaming goes beyond his most recent track. With around 200 million plays on Spotify, the 2019 African Giant album by the singer is the most streamed African album there. Burna Boy’s accomplishments make him the first African artist to cross this mark, strengthening his global superstar reputation.

    Burna Boy’s impact on the music industry

    Burna Boy’s success transcends his songs. Thanks to the artist, Afrobeat music has been promoted worldwide. His successes have motivated other musicians to follow in his footsteps and increased the profile of African music.

    Read also: Spotify follows Meta, YouTube and others by offering AUX to artists

    Burna Boy has influenced the music business, not just in Afrobeats. The performers have also worked with foreign musicians, increasing the audience for African music. Through these partnerships, Afrobeats have been brought to fresh audiences, and barriers have been broken.

    Besides his musical success, Burna Boy has used his stage to support political and social transformation. Using his songs and voice to spread awareness and motivate action, the singer has been candid about problems, including police brutality and corruption in Nigeria.

    Burna Boy’s record-breaking ” Higher ” performance is evidence of his skill and the rising appeal of Afrobeat’s music overall. Afrobeats are a force to be reckoned with internationally as musicians keep causing waves in the business.

  • DJ Cuppy’s acting debut in Netflix’s Sci-Fi series ‘Supacell’

    DJ Cuppy’s acting debut in Netflix’s Sci-Fi series ‘Supacell’

    The well-known Nigerian DJ and producer DJ Cuppy has landed her first acting role in the new science fiction series “Supacell” on Netflix. The show, developed by British rapper Rapman, centres on five regular South London residents who one day discover they possess superpowers.

    The sitcom debuted on Netflix on June 27, 2024, and DJ Cuppy’s appearance represents a significant turning point in her career as she pursues acting and her lucrative music career.

    DJ Cuppy, whose real name is Florence Ifeoluwa Otedola, plays a character in the series alongside Tosin Cole, Adelayo Adedayo, Calvin Demba, and Josh Tedeku.

    Read also: Netflix’s ad-supported plan ganners 40 million users worldwide

    DJ Cuppy’s acting debut in ‘Supacell’

    Fans in the entertainment world have eagerly awaited DJ Cuppy’s crossover from music to acting. The DJ, who has made a name for herself in the Nigerian music industry, has decided to pursue acting as a new challenge.

    In “Supacell,” DJ Cuppy plays a pivotal role in the narrative. DJ Cuppy’s character is one of a remarkable group of people who unexpectedly obtain superpowers in the South London-based television series.

    When discussing her on-screen debut, DJ Cuppy talked about the thrill of landing the part and the difficulties it presented. “It was a completely different experience for me, and I had to step out of my comfort zone as a musician,” she stated. “But I was eager to take on the challenge and explore a new creative avenue.”

    Positive reception and prospects for DJ Cuppy’s acting career

    Positive reviews have been given to “Supacell”‘s Netflix debut, with reviewers applauding DJ Cuppy’s debut and the cast’s performances, which centre around the show’s original concept.

    “DJ Cuppy has proven that she is a versatile artist who can excel in different creative fields,” a critic commented. “Her performance in ‘Supacell’ is a testament to her talent and ability to adapt to new challenges.”

    Read also: Roaring into the Future: “The Lion King” 30th Anniversary Celebration

    DJ Cuppy’s acting career has expanded due to “Supacell”‘s success. Industry experts have conjectured that the DJ may be starting a successful acting career, with the possibility of additional parts down the road.

    According to a person close to DJ Cuppy, “This is just the start.” “She has shown that she has the talent and the drive to succeed in acting, and I’m sure we’ll see more of her on the screen in the years to come.”

    DJ Cuppy’s acting debut in “Supacell” has undoubtedly given her remarkable career a new angle as she navigates the entertainment market. Given her skill, commitment, and enthusiastic audience response to her performance, this versatile artist appears to have a promising future.

  • FG allocates N1.5 billion to film makers

    FG allocates N1.5 billion to film makers

    Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the federal government has distributed an astonishing N1.5 billion to movie producers for their projects in a calculated attempt to assist the growing movie business in Nigeria.

    Launched in December 2023 in collaboration with Providus Bank, this funding project is a component of the more general N5 billion Creative Fund. Beginning in May 2024, the first payout saw N1.5 billion distributed to four actors and producers.

    In a statement on his Instagram page, Fegho Umunubo, the Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, revealed this noteworthy development, expressing the government’s enthusiasm to assist even more creative ventures.

    Read also: How Bocasay is shaping the way IT services are offered

    How can film makers in Nigeria take advantage of financial support?

    The Nigerian government’s choice to give movie makers this significant financial backing shows its determination to empower the national creative sector. One of the fastest-growing sectors in Nigeria is the creative one. Hence, this investment seeks to advance its growth even further.

    As the second round of candidates for the N5 billion fund is under vetting, Umunubo advised anyone looking for money for their creative ideas to contact creatives @providusbank.com. This action shows the government is open to actively interacting with and helping the creative community.

    Leveraging Digital Technologies to Boost the Creative Economy

    Apart from the Creative Fund, the federal government and the African Development Bank (AfDB) have revealed intentions to implement a $617 million IDICE Fund for the digital technology and creative sector. 

    Designed to use digital technology to drive socioeconomic development and position Nigeria as a prominent actor in the global digital economy, the five-year iDICE plan aims Supported by the Islamic Development Bank (IsDB), Bank of Industry (BOI), and AfDB, this $617.7 million initiative seeks to leverage digital technology further to drive Nigeria’s creative industry’s expansion.

    Read also: Launch Africa Ventures invested $4.3m in 16 startups

    Investing in this industry helps the government establish the nation as a centre for creativity and invention, drawing attention and money from worldwide. 

    The N1.5 billion infusion into movie production and the forthcoming IDICE Fund highlight the Nigerian government’s appreciation of the tremendous creative industry potential. This calculated action enables Nigerian creatives and prepares the nation to participate significantly in the worldwide entertainment and digital economy. 

    The Nigerian creative community is keenly awaiting the next wave of assistance and possibilities that will undoubtedly shape the sector’s future as the second batch of candidates for the N5 billion Creative Fund is under screening.