Nollywood Stakeholders Consider Taking Advantage Of Multi-Billion Dollar VOD Market
This new business thinking stemmed from a conference on ‘Distribution and Regulation on Emerging New Markets’ that was hosted by the National Film and Video Censors Board (NFVCB) recently in Abuja.
The attendees also identified the dangers to profit-making in the new venture when it comes to possible poor classification and regulation, piracy and inadequate infrastructure to support full exploitation of the market.
VOD is the latest movie distribution network through ICT. Global movie distribution networks such as Amazon and Netflix have made a lot of money at the box office from VOD.
Aisha Halilu, a movie producer with Bespoke Consultant Limited, said that the big six movie hubs in Hollywood, including 20th Century Fox and others collectively, did not make as much money as what Amazon and Netflix made last year.
She did, however, point out that the infrastructure to support Netflix streaming online is still weak in Nigeria.
Nigeria is currently the leader in cinematic movie distribution in West Africa. According to information derived from cinemas that are compliant with DCI in West Africa, Nigeria has more than 40 viewing sites and 151 viewing screens with 17, 553 seats.
Given these specifics, Minister of Information and Culture, Lai Mohammed said that there is an obvious need to invest in the new VOD markets.
Stakeholders also brought up the subject of challenges that may come with migration into the market such as piracy and the poor classification of films. In response to this, the Executive Director of NFVCB, Alhaji Adedayo Thomas said that its collaboration with De La Rue would drastically reduce the incidents of movie piracy in Nigeria.
According to him, the new seal will have many security features meant to prevent piracy. It cannot be forged or manipulated.
The board will work together with De La Rue, a global network experienced in making security documents.
De La Rue’s experience spans over 200 years.
Credit: This article originated from www.independent.ng