02 Jan 6 Nollywood Facts You Need To Know To Keep You Ahead Of The Rest.
Nollywood is one of the dominant names in the global film industry. But like other major players, the industry has a few hidden information that no one will discuss. As an ardent Nollywood follower, we felt that you should know these 6 Nollywood facts to keep you ahead of the rest.
Nollywood: The Name from an American Article
While most people think that the name “Nollywood” originated from the West African country, this is not the case. The name didn’t even come from Africa, let alone Nigeria. It came from an article by Matt Steinglass in the New York Times.
He used the term to refer to Nigerian cinema and African movies with affiliation to Nigeria. The industry adopted the name, and it stuck.
Nollywood Has Over A Million Employees
Another Nollywood facts you need to know is that Nollywood has over a million employees. If you start counting direct employees in the Nigerian movies industries, you will surpass the one million mark. The figure includes professionals, technicians, and several tradesmen like movie directors, makeup artists, actors, and location managers.
It is tough to come up with the exact estimates of the people that the industry directly employs. Multiplier effect and other available sources indicate that the industry is now one of the significant employers competing for the top spot with oil.
Nollywood Generates About $590 Million in Annual Revenue
The cash flow analysis of Nollywood is quite impressive. The movie industry accounts for about 2% of Nigeria are GDP and generates about $590 million in revenue. The filmmakers use roughly $50,000 to $200 000 to make a single movie. They still make huge profits after deducting other expenses like actors and producer’s remuneration.
Nollywood Produces More Movies per Week than Hollywood
While Hollywood is world number one in many things, including investments and popularity, there are other prominent market players. Nollywood produces more than 50 movies every week. The impressive figures put the filmmaker only second to India’s Bollywood and above America’s Hollywood.
We could see an improvement in these figures as the World Bank is currently helping the movie maker realize its full potential. This is to make it a better source of employment and revenue earner than it is now.
The Name ‘Nollywood’ Draws A Lot Of Controversies
The definition of this term is forever a source of debate. Some people take the name to mean everything taking place in the Nigerian film industry. This is regardless of whether they are in English, Yoruba, Igbo, Edo, and any other language.
Some people also use the name to refer to other affiliate movie industries like the Ghanaian English-Language cinema co-produced or distributed by Nigerian companies. The same applies to Nigerian/African diaspora movies considered to have connections with Nigeria or target the Nigerian Audience. There is no clear clarification on what Nollywood means or the real definition of Nigerian film.
There Are a Lot of Controversies about When Nollywood Started Its Operations
The most conspicuous controversy came in 2012 during the supposed Nollywood 20th anniversary. The organizers scheduled the event to mark 20 years since the movie Living in Bondage, but the celebration only materialized in 2013.
Most stakeholders argued that the industry was much older than 20 years. They disputed the basis of using the movie Living in Bondage to mark the anniversary as it was the first movie from Nollywood. So here you have it, the 6 Nollywood facts, I hope you stay ahead of the rest who are yet to read this article.