The inflow of investment funds into Nigeria, which has been largely focused on tech, has touched the entertainment industry – a sector of Nigeria’s economy that has been sidelined as the country records huge numbers in foreign investment.
Lagos-based LaVida Studios has secured $50 million production investment and signed a partnership deal with The Story Lab US, a subsidiary of Dentsu.
“We are thrilled to be working together with Dentsu and its The Story Lab team in the U.S. to bring authentic and compelling African stories to the world,” Chioma Ude, founder of AFRIFF and managing partner in LaVida Studios, said.
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The three-year deal with The Story Lab will birth 10 films and television properties which will showcase African stories on the global stage. Covering both scripted and unscripted film and TV projects, the partnership will see production handled by LaVida Studios for all Africa-based production out of The Story Lab.
The Story Lab invests in talented creators and producers to develop entertainment that challenges storytelling conventions. It also innovates the way entertainment is packaged, distributed and marketed to reach global audiences.
“It is partnerships like this one which really help move the dial when it comes to discovering and elevating emerging talent. I’m so pleased we can be part of amplifying the diverse voices of Africa alongside our friends at LaVida and AFRIFF,” Mike Ferry, head of The Story Lab U.S. said.
LaVida is supported by PAC Capital Limited with an initial $50 million for LaVida’s film and TV projects, including the collaboration with The Story Lab. The funding comes from PAC Capital’s Pan African CCI Fund 1, a $100 million fund dedicated to financing film production and distribution in Africa.
Also, both LaVida and Dentsu are working on collaborating with the African International Film Festival (AFRIFF) to create a joint initiative, which would recruit and support top African writing talent in creating original stories that appeal to a global audience.
“The combination of LaVida’s partnerships with top Nigerian creators and Dentsu’s global network and presence will serve as a bridge between these top content creators and the global market through this collaboration. We are honored to bring these stories to the world,” Geneva Wasserman, executive VP and head of scripted content, The Story Lab U.S said.
LaVida Studios and Chioma Ude are represented by CAA and The Story Lab US is represented by UTA.
Nigeria’s Nollywood is the second-largest film sector globally with a projected worth of $6.4 billion in 2021. It is also Africa’s largest in terms of value, number of annual films, revenue and popularity – producing around 2,500 films annually.
In recent years, the industry has seen a new phase of skit-making being spearheaded by young talents. With the rising popularity of short-form films that is increasingly adding millions of dollars to the industry’s market value, investors are expected to follow The Story Lab’s steps by betting more money on Nigerian film companies.