Nigerian firm mulls $25b revenue, competes with Netflix, Amazon
A Nigerian business, operating in the United States (U.S.) and other countries, is aiming to earn $25b yearly revenue from the entertainment industry by pushing Afro content to major economies across the world, just like Netflix, a popular streaming service, which is currently making over $25b yearly, and Amazon.
A Nigerian businessman, Lucky Igbokwe, yesterday, said acquisition of a premium streaming service, KeduTV LLC for about $1.1m to expand Afro content globally could significantly impact the nation’s economy, adding that digital media smart devices, LiveTV, Video-on-Demand for Afrobeat Music, Lifestyle and entertainment were being offered by the platform.
PwC, in an Entertainment & Media Outlook published in 2019, had noted that the industry in Nigeria could hit $10.5b by the end of 2023.
Recall that contribution from the industry added to Nigeria’s Gross Domestic Product, pushing it to the biggest in Africa.
Aiming to outperform streaming services, especially Netflix, Amazon Prime, Hulu and HBO Max, Igbokwe said the KeduTV Channel and Kbox were currently owned and operated by KeduTV LLC and had acquired the rights to air major African entertainment award shows.
Igbokwe said there was need to experience Africa’s rich culture and unique growing infrastructure, while stressing the need to project Africa’s entertainment industry ON the global stage and alongside major competitors in the world.
The KBox is a KeduTV LLC -supported product that could be used on any analog TV enabling it as a smart streaming television.
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