Investor Backs IROKO Capital For African Content After Netflix Arrival
Nigerian online television and movie supply service iROKO news at Naija on Monday announced $19 million worth of new deals, including with French giant Canal, Naija news sites to boost operations and take-up across Africa.
The deals for content development and capital backing come just weeks after US streaming giant Netflix enlarged to 190 nations, putting them in direct competition with all the Lagos-based firm.
"We are taking Nollywood content to Africa," iROKO founder Jason Njoku told AFP in an e-mail, referring to Abuja Nigeria Population's domestic film industry.
"We've plans to dub content into French, Swahili, Zulu -- so we'll stand apart news from Naija Netflix in terms of localisation of content. We're going deep and narrow into content that is local.
"However Netflix entering to the African market is actually exciting, as it shows the enormous potential of the market. For people, we are flattered to be breaking news Naija mentioned in the same breath as them."
iROKO, whose operation has been dubbed "the African Netflix", said in a separate statement it aimed to create "at least 300 hours of original content in 2016, with all the anticipation of doubling that by 2018".
Mobile phone use has exploded in Africa in modern times and firms such as Njoku's have tapped in to increasing access to the internet through smartphones and the popularity of Nigeria's film industry over the continent.
Nollywood is the world's second-biggest film industry when it comes to creation, is estimated to employ some one million people and gives 1.2 percent of Nigeria's GDP.
As element of the new deal, the board that was iROKO is joined by Canal Overseas manager Jacques du Puy, the statement said.
The Paris-based firm's chief financial officer Fabrice Faux said the investment would result in a "scale-up in French-speaking Africa, with clear ambitions as well as the means to reach them".
The deals for content development and capital backing come just weeks after US streaming giant Netflix enlarged to 190 nations, putting them in direct competition with all the Lagos-based firm."We are taking Nollywood content to Africa," iROKO founder Jason Njoku told AFP in an e-mail, referring to Abuja Nigeria Population's domestic film industry.
"We've plans to dub content into French, Swahili, Zulu -- so we'll stand apart news from Naija Netflix in terms of localisation of content. We're going deep and narrow into content that is local.
"However Netflix entering to the African market is actually exciting, as it shows the enormous potential of the market. For people, we are flattered to be breaking news Naija mentioned in the same breath as them."
iROKO, whose operation has been dubbed "the African Netflix", said in a separate statement it aimed to create "at least 300 hours of original content in 2016, with all the anticipation of doubling that by 2018".
Mobile phone use has exploded in Africa in modern times and firms such as Njoku's have tapped in to increasing access to the internet through smartphones and the popularity of Nigeria's film industry over the continent.
Nollywood is the world's second-biggest film industry when it comes to creation, is estimated to employ some one million people and gives 1.2 percent of Nigeria's GDP.
As element of the new deal, the board that was iROKO is joined by Canal Overseas manager Jacques du Puy, the statement said.
The Paris-based firm's chief financial officer Fabrice Faux said the investment would result in a "scale-up in French-speaking Africa, with clear ambitions as well as the means to reach them".