The Creative Economy is Driven by the Digital Economy

Image credit: 
https://city.cri.cn/20210507/633e86e4-7cc0-92c5-a18c-439c6dec1d4b.html

The development of the Creative Economy is hinged on the development of the Digital Economy in the 21st century.

The creative industry in the 21st century is driven by digital technology from the street to the internet. 

Monetization of every format of intellectual property (IP) is mostly generated by digital applications of production, acquisition, distribution, collection and exhibition of which the transactions for the revenues are through fintech applications and services.

We cannot have a robust creative

economy without the support of the digital economy. Both economies have become interlocked as can be seen in Apple, Amazon, Alphabet, Meta, X and the new developments by the MultiChoice Group in Africa. 

The largest revenues of the entertainment industry are online.

Where else can we have billions of downloads and views of content?

Recommended:

THE ROLE OF DIGITAL ECONOMY IN ADVANCING CREATIVE INDUSTRIES-CREATIVITY 2030 SEMINAR

https://city.cri.cn/20210507/633e86e4-7cc0-92c5-a18c-439c6dec1d4b.html

- By Ekenyerengozi Michael Chima,

The Founder/CEO,

International Digital Post Network Limited,

Lagos, Nigeria.

The Nigerian Creative Economy: Beyond Nollywood and the Entertainment Industry

The Nigerian Creative Economy: Beyond Nollywood and the Entertainment Industry

Overview

Nigeria - Media and Entertainment

According to PwC Global Entertainment and Media Outlook for 2022-2026, Nigeria’s media and entertainment industry is one of the fastest growing creative industries in the world. It has the potential to become one of the country’s exports, with projected annual consumer growth rate of 8.8% (CAGR). PwC indicates that in 2021, Nigeria’s film industry contributed 2.3% ($660 million (239 billion naira)) to GDP. They project that the industry will increase its export revenue earnings to over $1 billion. The motion picture and music combined contributed about $1.8 billion (730 billion naira) to the country’s GDP in 2020.

The country’s television and video market grew 7.49% to $806 million in 2020, up from $732 million in 2018. The industry is projected to earn about $900 million in 2023. The market is driven by subscription revenue, which accounted for 72.26% of total TV/video sector revenue in 2018. TV advertising accounts for 21.31% of total revenue, while physical home videos account for 5.33%. Subscription-based movie streaming are very popular in Nigeria, attracting players like Netflix, Iroko TV, and Startimes. Although Netflix subscription has long been available in Nigeria, they made their official debut in Nigeria in February 2020, joining several major distributors of filmed content in Nigeria. In August 2022, Amazon Prime Video announced the launch of the localized version of its streaming service in Nigeria. According to an IMF report, the industry is projected to generate an estimated revenue of $10.8 billion by 2023 and account for 1.4% of GDP. The report indicates that in 2020, Nigeria overtook South Africa in pay TV subscription as the country currently has over 6.9 million pay TV households as of 2021.  It is projected to grow to upwards of 7.4 million by 2023. A new study by Research and Markets, shows that Nigeria will contribute about 10 million, or 21.2%, of Africa’s pay television subscribers by 2025.

The music sector of Nigeria’s entertainment industry also recorded significant growth over the years. Stakeholders include artists, musicians, producers, promoters, managers, distributors, and marketers. As of 2021, the music industry employed about a million people and generated over $8 billion for the economy. In the past six years, the growing numbers of new production studios and artists enabled a more vibrant and self-sustaining industry, producing globally recognized music. In this environment, Nigerian musicians have developed a vast spectrum of music genres. The industry has won prestigious awards with artists like Wizkid and Burnaboy claiming Grammy awards, attracting more and more investments..

https://www.trade.gov/country-commercial-guides/nigeria-media-and-entertainment

Which creative industries drive the creative economy of every country?

The industries are the following:

 Advertising, architecture, arts and crafts, design, fashion, film, video, photography, music, performing arts, publishing, research and development, software, computer games, electronic publishing and TV/radio.

As Dr. Reuben Abati said on The Morming Show of Arise TV on Thursday, November 23, 2023;

We cannot talk about growing the creative industry without a Cultural Policy.

Do we have a Cultural Policy?

Do we even have a Film Policy for Ñollywood and the Nigerian film industry?

Ñollywood is actually a dysfunctional film industry without a film market.

Without an insurance policy.

Without a single film commission.

Let me just go straight to my critical basics of the economics of the creative industry in Nigeria with an important query. And that's all. There is no need for a thesis on the economic crisis of Ñollywood and the Nigerian film industry.

Currently, the Nigerian film industry is a big canoe with holes and different sorts of characters with different agendas; including the real creative professionals, jobbers and of course the opportunists. 

They will make a big 

Kafkaesque and Soyinkasque drama.

Only the creatives with bankable assets and products can grow the creative economy. And not those who are expendable liabilities in the creative industry; that collected loans from the Bank of Industry of Nigeria and other banks and cannot account for the loans due to misappropriations and diversions of the millions of naira they collected. 

What happened to the N3 Billion Grant of the Project ACT Nollywood launched by the administration of former, President Goodluck Ebele Jonathan, GCFR?

Who were the benefitiaries?

Where are the assets and products of the beneficiaries?

Where are the 75 movies produced?

Where are the students trained in filmmaking?

Until there is a forensic report on the Project ACT Nollywood Grant, any establishment for an investment in the creative industry to grow the creative economy by the federal government lacks accountability.

Read the article on 

How The Project ACT Nollywood Grant Was Embezzled - by 

*Eyengho, is President, Association of Nollywood Producers, ANCOP, and Vice President, International Federation of Film Producers Associations, FIAPF.

http://www.metroparrot.net/2015/08/how-n3-billion-project-act-nollywood.html

The federal government should have a forensic report on the previous government investments in the creative industry before the establishment of a new initiative for the acceleration of creative economy.

- Ekenyerengozi MichaeI Chima,

Publisher/Editor,

NOLLYWOOD MIRROR® Series.

Founder/President,

ZENITH International Film Festival,

https://nigeriansreportng.blogspot.com/2023/11/zenith-international-film-festivals.html

Chief Talent Officer, Arno Peperkoorn To Discuss Inclusivity in Media at the Global Black Impact Summit 2023 in Dubai

PRESS RELEASE

Chief Talent Officer Arno Peperkoorn to Discuss Inclusivity in Media at the Global Black Impact Summit (GBIS) 2023

Arno Peperkoorn is the Chief Talent Officer at Omnicom Media Group and works to advance diversity and inclusivity across the global media and creative industry

DUBAI, United Arab Emirates, October 19, 2023/ -- The global entertainment and media industry grew 5.4% in 2022, with revenue estimated at $2.32 trillion. By 2028, the market is projected to grow to a record $3.434 trillion, with developing countries taking the lead. As such, the industry will serve as a catalyst for economic growth worldwide, and media professionals such as Arno Peperkoorn, Chief Talent Officer at Omnicom Media Group, are committed to ensuring industry growth is encompassed by diversity and inclusivity. 

Peperkoorn has joined the Global Black Impact Summit (GBIS) (https://GlobalBlackImpact.com/) – scheduled for November 30 to December 1 in Dubai – as a keynote speaker. Peperkoorn brings with him a wealth of experience and a fervent dedication to promoting diversity and inclusivity in the media and creative industry, and during the summit, he will share his perspectives on advancing inclusion in media while contributing to the collective dialogue on promoting Black excellence.

As the Co-Founder of Include Now, a foundation at the forefront of advocating for Diversity and Inclusivity, Peperkoorn exemplifies a commitment to fostering environments that celebrate the rich tapestry of human experience. His work with Include Now serves as a powerful testament to his belief in the transformative potential of inclusivity.

In his role as Chief Talent Officer at Omnicom in the Netherlands, Peperkoorn's everyday endeavors are marked by his tireless efforts to build bridges between individuals from diverse backgrounds. He possesses a unique talent for recognizing and amplifying the inherent strengths and abilities in people and firmly believes that while we all bring different perspectives to the table, it is imperative that we be treated with equal respect for our individuality.

Peperkoorn’s dedication to championing diversity and inclusivity aligns seamlessly with the core theme of GBIS 2023, 'Black Excellence: Unleashing the Unexplored Potential for Global Unity.' His insights promise to be invaluable in advancing the conversation surrounding the untapped potential that lies within diverse communities.

Distributed by APO Group on behalf of Energy Capital & Power.

About the Global Black Impact Summit 2023:

The Global Black Impact Summit – which is organized by Energy Capital & Power - is an annual event that seeks to celebrate the achievements of the Black community, promote excellence and explore untapped potential across various fields. This year’s summit is set to be a transformative experience, featuring influential speakers, engaging panel discussions, and networking opportunities that empower attendees to reach new heights. To register go to https://GlobalBlackImpact.com/.

SOURCE

Energy Capital & Power

Lagos Should Be Approved As One of the UNESCO Cities of Film

 

It would be worthy of Lagos, Africa's largest megacity and the home of Nollywood, the first and largest independent film industry on the continent of Africa to be approved as one of the UNESCO Cities Of Film and one of the Creative Cities Network for the dynamic creativities in the arts, audio visual and mass media which have made Lagos the entertainment capital of Africa.

To be approved as a City of Film, cities need to meet a number of criteria set by UNESCO.

Designated UNESCO Cities of Film share similar characteristics:

Important infrastructure related to cinema, e.g. film studios and film landscapes/environments continuous or proven links to the production, distribution, and commercialisation of films experience in hosting film festivals, screenings, and other film-related events collaborative initiatives at a local, regional, and international levels; film heritage in the form of archives, museums, private collections, and/or film institutes, film making schools and training centres; effort in disseminating films produced and/or directed locally or nationally; initiatives to encourage knowledge-sharing on foreign films. 

Nigeria must also become a member of UNICA. Union Internationale du Cinéma. World Organisation for Film & Video • member of IFTC of UNESCO. 

Members:

Andora, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Estonia, Finland, France, Georgia, Germany, Hungary, Italy, Liechtenstein, Luxembourg, the Netherlands, North Macedonia, Norway, Poland, Republic of Korea, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Tunisia, Ukraine and United Kingdom.