Soft power🎥, soft money💰
#174: "We aren't in an information age; we are in an entertainment age." - Tony Robbins
Hello Venturer,
You know what my favourite thing about movies is? Character development: how a character you barely cared about in the beginning ends up a viewer’s favourite. Why? Because it shows what’s possible in real life. A side character can become a poster child. If you’re in doubt, look at Nigeria’s entertainment scene.
A little over a decade ago, we had Nigerians who took pride in not consuming Nigerian entertainment, whether movies or music. But today, the world dances to Afrobeats. Nigerian music is topping Billboard charts, and artistes are selling out stadiums across continents. Recently, The Black Book, a Nigerian movie, became the first African movie to top the Netflix Global charts. Check a random African country’s music charts — Anglophone or not — and you’ll find Nigerian Afrobeats dominating the list. It’s no longer just entertainment. It’s now soft power. In the words of Maximus Decimus Meridius, “Are you not entertained?”
But what’s the story behind this evolution? How did we get here? Who are the leaders of this new wave? What does the future hold? Where should new investments flow to? These are the questions we answered in our newly released Digital Issue, titled “The New Wave of Nigeria’s Soft Power.”
We took several deep dives into the modern entertainment scene to help you understand how Reel money works (see what I did there?). So, this weekend, entertain yourself with our body of work. This one’s on the house.
Oluwatosin Ogunjuyigbe
Staff Writer, Ventures Africa
What’s new?
The New Wave of Nigeria’s Soft Power
At the beginning of the year, David Adeleke, the Publisher of Communiqué, predicted that the global cultural impact and demand for Nigerian content and creators would balloon. He was right. Learn more.
African hotels are leveraging the worldwide shift in tourism trends
In 1919, American businessman Conrad Hilton bought a hotel full of oil field workers and travellers for $40,000. At the time of his death in 1979, he had built a global empire of over 250 hotels in 50 countries. In Africa, a similar playbook might be unfolding. Hotel chains have signed deals in 42 African countries in the last two years. Read more.
Inside Netflix’s plan to remove it’s free trial plan in Kenya
In September 2021, Netflix launched a free plan in Kenya making it the first country in the world to offer such a service. Now it is ending the free plan in Kenya. Learn more.
The impact of the Isreal-Hamas conflict on global oil supply and emerging economies
Like the Russian-Ukraine War, the conflict in the Middle East is slowly and steadily impacting the global economy, invariably threatening the economic growth of developing countries in sub-Saharan Africa. Learn more.
Assessing Rwanda’s Carbon Market Framework
Rwanda is set to launch its carbon market scheme at the UN Climate Summit (COP28) slated from November 30 to December 12 in Dubai. However, there are doubts about the efficacy of carbon offset credits in tackling the issue of climate change. Read more.
The economic reason the US is pulling aid from Gabon and not Niger
Recently, the United States announced plans to pause specific foreign assistance programs benefiting the Gabon government while evaluating the unconstitutional intervention by members of the country’s military. Read more.
My Pivot Journal: Samuel Adegbite’s self-taught journey to IT success
Samuel Adegbite’s career journey is not uncommon, yet one feature makes it peculiar: grit. Some people start their careers as naturals, born with the right shoes for the occasion. But Adegbite’s story involves constant self-chiselling to be the right fit. Read more.
What’s at stake for Liberia’s next president?
As a new president takes office in Liberia, the task of revitalizing the economy becomes paramount. Whoever the new president is cannot afford to turn a blind eye to these challenges, implementing these priorities will help pave the way for Liberia’s economic recovery. Read more.
Weekly Economic Index: Dashed hopes for Dash, Niger’s budget cut, and the Gaza conflict
Here are three big stories from Africa’s business and policy space you might have missed but should keep in mind this week: Read.
The VA Pod
In this week’s podcast, Chioma Ude shares insights on the business of the Nigerian movie industry and the advancements that led to its increased global appeal.
Press play👇to listen to a snippet of our latest podcast.
Ijeoma Onah discusses the intricacies of marketing and exporting Nollywood content globally.
Mini Issues
VivaTech 2023: Is AI truly limited?
Read the mini issue of our coverage of Viva Technology, Europe’s biggest technology conference, which was held in Paris, France, from June 14th to 17th, 2023.
Africa’s Business Heroes – Empowering Africa's next-gen entrepreneurs?
Since 2019, ABH, Jack Ma Foundation’s philanthropic program, has identified, showcased, and supported the next generation of African entrepreneurs through its inclusive and sector-agnostic prize competition.
Our weekly collectibles
How Much Can Duolingo Teach Us? Here's why this founder, believes that artificial intelligence is going to make computers better teachers than humans.
Carson Block uses covert techniques to uncover fraud for profit. Now he’s under investigation himself. Is he the hero of Wall Street, or the villain? Find out in The Man Who Moves Markets.
Why will anyone spend decades pushing for human extinction? Find out in Earth Now Has 8 Billion Humans. This Man Wishes There Were None.
Language is essential for preserving culture. What happens when it's at risk of extinction? Discover the parents trying to pass down a language they hardly speak.
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