Nollywood, Nigeria’s film industry, has grown to become the world’s second-largest film industry in terms of output, surpassing even Hollywood and second only to Bollywood. The rapid growth of Nollywood is a result of several factors, including the country’s large population, its diverse culture, and the increasing availability of digital technology.
Nigeria, with a population of over 200 million people, provides a huge market for African movies. This, coupled with a lack of proper movie distribution channels in the region, creates a high demand for local content. The industry is also boosted by a passion for storytelling, a rich cultural heritage, and a creative drive that is uniquely African.
The industry’s growth began in the late 1990s with the release of the movie “Living in Bondage,” which became a hit in Nigeria and across Africa. Since then, Nollywood has grown to produce over 2,000 movies annually, with an estimated value of $7.2 billion in 2016, according to PwC.
Another factor contributing to the growth of Nollywood is the increasing availability of digital technology. The industry has been able to take advantage of this technological shift and adapt it into their filmmaking, leading to cheaper production costs and faster distribution. In addition, social media has helped Nollywood reach a wider audience, both locally and internationally.
Despite its phenomenal growth, Nollywood still faces several challenges, including piracy, poor distribution channels, and limited funding. However, the industry is continuing to evolve and develop, and with continued government support, there is no telling how far Nollywood can go.
