Hollywood, Bollywood and now Nollywood | Nigeria’s movie industry
Updated: Apr 3, 2020
Nollywood | Nigeria’s version of Hollywood
Nigeria’s cinema industry is referred to as Nollywood. Who else knew about this?? For those of us living under a rock (like me, clearly), Nollywood is widely known across Africa as well as globally. In fact, the industry is ranked amongst the movie industry “greats”, Hollywood and Bollywood!
Although Nigerian films have been produced since the 1960s, the rise of competitive digital filming has stimulated the country’s film industry. Nollywood is currently such a sensation that in 2013, it was rated as the third most valuable film industry in the world! This after the industry generated total revenue of 1.72 trillion Nigerian Naira for the year 2013 alone.
Nollywood’s current rankings in Africa
Nigeria’s Nollywood is ranked fifth having grown to become one of the continent’s best-known phenomena since it evolved into a booming industry in the late 1990s, gaining markets in the country and elsewhere.
It’s now the world’s second-largest film industry after India and ahead of the USA, valued at more than $7 billion, or around 1,4% of the Nigerian economy (excluding the black market).
Nollywood Movie Genres
Hollywood films are being nudged off the shelves and distributed in some of the most remote areas on the continent; due to Nigerian productions in the country showing higher demand; this despite Hollywood’s relatively higher prices.
An annual figure of approximately 1 200 movies are produced in genres that include:
Taking into account value and the number of movies produced per annum, Nollywood is Africa’s largest movie industry. This is such a great feat for the African movie industry. With the markets being monopolized by one nation’s culture, it allows for very limited diversity.
Do YOU watch any of the Nigerian movies?
What are some of your favourite Nollywood movies that would you recommend to me?