Nollywood Levels Up On Netflix With New IROKOTV Deal
By Amaka Korie
Canal+ has acquired the Nigerian company ROK Productions and its streaming service
Nollywood brings $600 million to Nigeria’s economy
Expect to see fresh Nollywood content offered for your streaming pleasure. The French television company Canal+ has acquired the Nigerian company, ROK Productions and its streaming service from IROKOtv. ROK Productions is one of Nollywood’s power-players, sustaining 15 million African subscribers and audiences in the U.S. and UK. This is Nollywood's first international acquisition, enabling the industry to broaden its reach to a global audience.
Why This Matters: In their nine years of business, they have one of the largest catalogs of Nollywood films in the world with over 540 movies and 25 TV series. Canal+ plans to add 1.5 million African subscribers to their service by 2020 with aims of connecting to the Francophone populations of Africa.
African stories are taking the main stage; Netflix’s (NFLX -1.07%) recent acquisition of exclusive Nollywood licenses proves the vitality of the continent's stories. Nollywood brings $600 million to Nigeria’s economy and Africa’s E-Commerce is expected to reach $75 billion by 2025, so the impact of this acquisition will strengthen those numbers.
Situational Awareness: Africa is finally being represented in the global entertainment sphere. As the VOD industry grows crowded and competitive, ROK and Canal+ will bring original African content to the streaming market. Distribution and monetization of Nollywood films will undoubtedly become more efficient as a result. The elevation of ROK’s platform empowers the diaspora by sharing African stories told by Africans.
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