Success in 2023 was driven by several major releases of African titles as streaming companies including Netflix and Showmax bet on their African slates to drive growth on the continent. But multiple producers and executives in countries including Nigeria and Kenya, who spoke to Semafor Africa, said African producers in 2023 had to adapt to tighter production budgets driven by harsh macroeconomic conditions, and they expect more of the same in 2024. Financial constraints on producers pose possibly the biggest threat to the continent’s ability to meet the growing global demand for African content. But with some economists predicting the easing of inflation in Africa and improved risk appetite towards emerging markets next year, the film and TV sector may yet find some breathing room.
SOURCE: SEMAFOR