Collage. FIlm Financing

Predicting the Future of Film Financing Across Africa: A Survey Analysis

Most post-independence African films were funded, if not partially, then fully, by European governments and production companies.

This created a paradoxical situation where African films were more accessible and appreciated abroad than at home.

One notable exemption was Nollywood films (starting in the 1990s), which were largely self-funded by independent producers.

In recent years, filmmakers telling African stories all over the world have become more diverse and dynamic, as new voices and genres emerge.

However, despite some new trends and opportunities for local financing, African films are still largely dependent on overseas funding sources.

Survey

On August 1, Akoroko hosted a Twitter survey asking the question: Which of these possible scenarios for the future (10 years) of African film financing, do you think is most likely to be the norm?

Scenario 1: Local and regional funding sources emerge in a major way. Banks, investors, governments, foundations, and crowdfunding platforms become dominant sources.

Scenario 2: Foreign financing continues to dominate, and international co-productions increase further.

Scenario 3: More hybrid and alternative funding models emerge. Increased diversity in sources: combining grants, donations, sponsorships, pre-sales, revenue-sharing, equity crowdfunding, blockchain, cryptocurrencies, diaspora financing, etc.

Scenario 4: Other. If so, briefly explain.

The survey ran for three days, and the results are in and indicate a diverse set of expectations.

The Results + An Assessment

General Analysis: The majority (43.8%) believe that the future of African film financing will involve the diversification of funding sources, possibly driven by tech advancements and innovative financial models.

Other key scenarios.

Scenario 2 (30.1%): About a third of respondents believe that foreign investment will continue to play a crucial role.

Scenario 1 (23.3%): Almost a quarter of people hope for more self-sustained and independent African film industries.

The results suggest expectations of a future where African film industries are more self-sustaining, diverse, and adaptable, but still connected to global networks of financing, production, and distribution.

The realities of the current environment broadly favor a mix of the scenarios. However, the balance between these different sources of funding will continue to vary widely depending on the specific context of each country, and each film project.

The entry of major streaming platforms like Netflix, Amazon, and now Disney into African key markets is a development that complicates things.

They certainly could influence the future of African film financing in multiple ways. Although, it’s still too early to determine.

But it’s a development that could validate the expectations expressed in all three scenarios of the survey, while also introducing new possibilities.

Comparing With Major Film Market Regions

Hollywood (USA): While foreign investment and co-productions happen, they’re not as central to the Hollywood model as they are in many African countries. Hollywood also has a mature system for financing through pre-sales and revenue-sharing, which are really just emerging as options in the African context.

Bollywood (India): It’s a largely self-funded industry with a massive domestic audience that supports it. But, Bollywood also attracts substantial foreign investment, particularly for its larger productions.

European Film Market: European films often rely heavily on government funding and co-productions between different European countries. However, European films also benefit from a well-established system of film financing which is less common in the African film industries.

In Summary

To wrap up this broad assessment, the future of film financing across Africa broadly, like many aspects of our rapidly changing world, remains uncertain.

We can make educated guesses based on current trends and survey data, but the reality is that many factors will be of influence. Particularly technological advancements which are continually reshaping the ways films are funded, produced, distributed, and exhibited.

Broader social, economic, and political factors will also have an impact, as they always have.

So, while we can anticipate certain trends, the future will ultimately be shaped by a complex interplay of factors, many of which are unpredictable. We’ll find out when we find out.