It’s safe to say Genevieve Nnaji is definitely pushing the needle in Nollywood. The actress has become Nollywood’s first billionaire as Netflix buys Lion Heart for $3 million (N1,095,000,000).
The movie (which now belongs to Netflix) has everyone buzzing, and so far it has brought the spotlight to Nigeria.
The deal is a significant milestone for Nollywood, which was recently named the world’s most prolific film industry by the International Federation of Film Producers’ Associations. Its widely known that when Netflix brands a movie as a Netflix Original, for example, it puts a lot more marketing behind it. This includes billboards and heavy promotions.
While Lionheart is not the only Nigerian movie listed on Netflix, it is the first original Nollywood film to be bought by the American movie streaming platform.
Some Nollywood films currently showing on Netflix include The Wedding Party, Fifty, The Visit, When Love Happens, Road to Yesterday and Dearest Mummy. While the exact figures haven’t been made public, streamingmedia.com (a leading authority on online video for entertainment) stated that Netflix might pay $3 million to own exclusive rights to a production.
“Deals vary, but in general, Netflix pays two-thirds more than studios. One reason Netflix and Amazon are willing to pay more is because they often want exclusive rights in perpetuity. They want worldwide distribution so movie lovers who hear about a certain indie film can only see it on their platform.
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