Andy Boyo is a veteran of the screen who started out as a child actor at
Keynote Speech Title: Where is the Money? Cracking the Formula of Studio and Independent Film FinancingIntroductionGood morning, distinguished guests, panelists, and fellow creatives. It is an honor to stand before you at the 4th PAO-Nigeria Digital Content Regulation Conference, a gathering that continues to champion the dynamic and rapidly evolving landscape of digital content and film production in Nigeria.We are gathered to address one of the most pressing questions in the world of filmmaking: Where is the money? How do we crack the formula for successful film financing, whether through major studios or independent avenues? This question is crucial for filmmakers, producers, writers and directors who bring stories to life and the entire ecosystem that supports the creative industry. Understanding the dynamics of film financing is key to unlocking the full potential of our film industry.Let’s analyze the Nigerian Film Landscape: Nollywood, produces over 2,000 films annually. Yet, despite its impressive output, the journey of financing films in Nigeria is often fraught with challenges. Unlike Hollywood, where established studio systems and financial institutions support large-scale productions, Nollywood thrives on resourcefulness, innovation, and a spirit of entrepreneurship mostly.The question remains: How do we access the necessary funding to take our films to the next level? Understanding the landscape of film financing is essential.Let’s start by acknowledging the two dominant models in film financing: studio-backed films and independent filmsMy Definition of film studio: A Production and Distribution company that releases quite a number of films annually and has substantial share of box office revenueNIGERIAN EXAMPLE OF STUDIOS –INKBLOT PRODUCTIONS, ROK STUDIOS, EBONYLIFE MEDIA, FILM ONEMy Definition of an independent film: Creation of films outside the film studio system.NIGERIAN EXAMPLE OF SUCCESSFUL INDEPENDENTS – KUNLE AFOLAYAN, TOYIN IBRAHIM, FUNKE AKINDELE, AYStudio vs. Independent Financing: The DifferencesStudio Financing:Studio films are generally backed by well-established entities that provide significant budgets, marketing muscle, and distribution networks. This model often involves pre-sales, partnerships, and the ability to secure big-name talent, which in turn attracts more investors.However, studio financing often comes with strings attached, including creative control and a focus on commercial viability over artistic expression.Independent Financing:Independent films, on the other hand, rely on a mix of private investors, grants, crowdfunding, and co-production deals. This approach offers greater creative freedom but also comes with higher risks and the challenge of securing distribution deals.The fundraising success stories of films like “Half of a Yellow Sun” shows that independent financing can be possible, but they are exceptions rather than the rule.Half of a Yellow Sun shot in 2013, was financed by several companies and organizations, including: Sharenan Media, Slate Films, British Film Institute and Lipsync Productions. The film executive Producer was Yewande Sadiku. She found the raising of funds for the movie very challenging but eventually she was able to secure the films budgeted amount of about $10 million plus. Her success points to my previous assertion that a mix of funding sources is achievable when you make a viable movie pitch to a compelling story.Cracking the fundraising Formula: Strategies for SuccessHow can filmmakers or producers navigate these financing models to secure the necessary funding for their projects? Let me share with you some strategies that have proven effective in the world of film financing.Diversify Funding Sources:One of the most effective ways to secure film financing is by diversifying your sources. This could mean combining private equity, grants, brand sponsorships, and even crowdfunding. Leverage of Government Grants:Many governments, including Nigeria’s, are increasingly recognizing the potential of the creative industry as a driver of economic growth. Programs like the Nigerian Creative Industry Financing Initiative (NCIFI) are designed to support film projects.Strategic Partnerships and Co-productions:Partnerships between Nigerian filmmakers and international studios or streaming platforms can open doors to new markets and additional funding. Netflix, Amazon Prime, and other streaming giants are investing heavily in local content, presenting a unique opportunity for Nollywood.Co-productions not only provide access to a larger budget but also enhance the quality of the final product, making it more appealing to a global audience.Embrace Technology and Digital Distribution:The digital revolution has democratized access to content, enabling filmmakers to bypass traditional distribution channels. By embracing digital platforms, filmmakers can reach a global audience and generate revenue through Video-On-Demand (VOD), subscription services, and online rentals.The rise of platforms like YouTube and IROKOtv has shown that digital distribution can be a viable revenue stream for filmmakers, especially in an era where audiences are increasingly consuming content on their mobile devices.Focus on Financial Literacy and Investor Relations:Filmmakers must understand that producing a film is not just an artistic endeavor; it is also a business venture. Developing financial literacy is essential for navigating negotiations, managing budgets, and delivering returns on investment.Building strong relationships with investors involves clear communication, transparency, and a well-crafted pitch that highlights the project’s potential for profit. Investors need to see a clear path to recoup their investment, whether through box office sales, digital streaming rights, or merchandise.The Future of Film Financing in NigeriaLooking ahead, the future of film financing in Nigeria is promising. ConclusionIn closing, let us remember that financing a film is much like producing a film itself—it requires vision, collaboration, perseverance, and a willingness to take risks. Whether you are a studio executive or an independent filmmaker, the key to cracking the formula lies in understanding your audience, leveraging your unique strengths, and embracing the opportunities that come your way.The money is out there, waiting to be tapped. The challenge, and indeed the opportunity, is to find it, harness it, and use it to tell the stories that reflect our diverse culture, our dreams, and our aspirations*.Nollywood is not just as a cultural force, but it is a significant contributor to Nigeria’s GDP.Thank you for your time, and I look forward to a robust discussion on how we can collectively unlock the potential of film financing in Nigeria.
