It is no longer news that Nollywood is the second biggest movie industry in the World. According to an IMF report in the summer of 2018 and recent statistics by PricewaterhouseCoopers, PWC, Nollywood accounts for 2% of Nigeria’s GDP, whose total value is about $500billion.
A breakdown of the statistics shows that the industry rakes in about $700 million annually, with producers spending between $50,000 and $200,000, or even more to produce a standard movie.
According to Nollywood Filmmaker, Omoregbee Osagieduwa Edward, everyone wants to cash out of the cash cow and wants a piece of the action. He stated that it’s the reason for the in flocks of many producers into Nollywood today. “But there are some things to know before venturing into Nollywood so as not to run at lost.
“Apart from the main and obvious problem which is piracy, there are still some other problems that’s worth knowing before investing,” he said.
Omoregbee, who recently finished a production in Asaba highlighted factors like the numbers of cinemas Filmmakers could make more money if they were enough cinemas.
“Before investing a large sum you have to bear in mind the number of cinemas available,” he advised.
He further talked about lack of regulation in the industry, adding that no one regulates the amount of films that comes out in a week, which is why there are hundreds of movies coming out daily.
“Then the issue of VOD. We have very few VODs here in Nigeria so you’re limited of who to sell to and sometimes you have a content with no one to sell to so the few VOD platforms we have are now more like monopoly”.
The Filmmaker further outline that there is no reason to fear because everyday comes with a good news for Nollywood as big players like Netflix and Amazon have come into the business.
” With these two giants onboard, I have no doubt in my mind that Nollywood can only get bigger and better”.
On his new project shot in Asaba, Omoregbee said it’s on post production stage and it’s going straight to VOD. He said he may later in the year attempt a cinema movie, depending on the market.