By Ntombi Mhlongo
Video streaming giant Netflix has invested around E3 billion in Africa since its entry in 2016.
According to FurtherAfrica News, the investment has boosted not only the continent’s film production but also created over 12 000 jobs.
It was noted that Africa’s film industry has been on a growth path with local content production taking centre stage, a trend that attracted global players like Netflix which identified the potential and is investing heavily in the vibrant entertainment segment.
Netflix says it spent approximately E3.2 billion in film production in the continent’s leading markets of Kenya, Nigeria, and South Africa since it gained entry in 2016. It was highlighted that Netflix’s investments in Africa’s film industry come at a time when the industry is rapidly growing, with local content gaining popularity across the globe.
Africa, a continent of 54 countries is home to about 1.4 billion people and accounts for a combined Gross Domestic Product (GDP) of $3.1 trillion (approximately E55.8 trillion). Also mentioned is that Africa’s film industry contributes roughly $5 billion (E90 billion) of the continent’s GDP and currently employs five million people but it has the potential to create 20 million jobs and generate $20 billion (E360 billion) in annual revenues.
Meanwhile, it was also mentioned that the investments have also boosted associated sectors such as transport, costumes and design, catering, and others, creating additional job opportunities for the people.
“Having injected over $175 million (E3.6 billion) into sub-Saharan Africa since 2016, providing employment to more than 10 000 people on our productions, watching our local storytelling partners shine in far-flung reaches of the world, we can attest to the fact that there is a huge socio-economic benefit that Netflix injects into the ecosystems where we operate,” Netflix director of public policy, sub-Saharan Africa, Shola Sanni was quoted saying.
It was mentioned that the figures demonstrate the positive impact that foreign investment can have on local economies and the potential for further growth in the African film industry.