BUSINESSNews

Netflix has injected Sh23.5 billion into the production of African films since 2016


Movie streaming giant Netflix has spent KSh.23.5 billion ($175 million) in the production of films in Africa since it entered the market in 2016.

This was revealed in a social-economic impact report presented by the company reflecting on its performance from 2016-2022.

The company further says that it has contributed to the creation of 12,000 jobs and generated $44 million of tax revenue for its three major markets, Kenya, Nigeria, and South Africa.

“Having injected over $175 million into sub-Saharan Africa since 2016, providing employment to more than 10,000 people on our productions, watching our local storytelling partners shine in far-flung reaches of the world, we can attest to the fact that there is a huge socio-economic benefit that Netflix injects into the ecosystems where we operate,” said Netflix director of public policy, sub-Saharan Africa, Shola Sanni.

The movie powerhouse has played a significant role in lifting the standards, practices, and production culture of the film industry in the continent by providing guidance, technical training, and equipment in some cases.

“By doing so, we are investing in the local industry and building its capacity to support additional demand in the future. The combination of local talent and Netflix’s global experience makes for world-class content with an authentic African perspective,” the company said explained.

Kenya, Nigeria, and South Africa are the three countries where the company has pumped its investment in billions, with the latter being the biggest beneficiary, taking up $125 million in productions between 2016 and 2022, with 170 movies being licensed.

With more than 250 movies licensed for Netflix, Nigeria has had the highest number of titles. More than $23 million has been invested in the Nollywood film industry.

Kenya has also been in good tidings with the streaming company, supporting the film industry in several aspects. The company signed a two-year MOU with the Ministry of ICT to support skills and capacity development. It’s also collaborating with the Kenya Film Classification Board (KFCB) on digital literacy and online safety among other initiatives.

“Kenya may not yet have Hollywood budgets, but the country’s creatives have passion, drive, and skills,” Netflix said.

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Simon W Nderitu

Simon is a tech enthusiast who keeps a close eye on emerging technologies, startups and the general business environment. You will often catch him totally immersed and drooling over Artificial Intelligence, Machine Learning, Virtual Reality, Augmented Reality, IoT and just about any other tech that promises to revolutionize the way we live. Send tips to snderitu@techtrendske.co.ke

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