As a seasoned cinephile with a deep appreciation for the global film industry, I have had the privilege of witnessing the evolution of cinematic trends and financing models across various regions. The ongoing developments in Africa’s film finance landscape pique my interest and curiosity, as it presents both promising opportunities and lingering challenges.
At the Durban FilmMart this week, there’s been much discussion among film producers, financiers, and industry experts about Africa’s rapidly changing film financing landscape. However, several unanswered questions persist regarding how to access the vast untapped potential of African screen industries.
Producers in Africa are eager for equal opportunities to access various funding sources established to boost content creation. However, they face both optimism and disappointment with a global financing system that may not perfectly fit the unique challenges of filmmaking in their region. The rise of regional and international streaming platforms has significantly increased production, yet local creators remain vulnerable to the whims of executives based in distant headquarters. Amazon Prime Video’s recent departure from the African market serves as a stark reminder of this dependence.
Despite some uncertainties, there was an abundance of optimism in Durban. Representatives from local and international industries were brimming with excitement about the prospects. “The world is heading our way,” remarked seasoned US talent agent Dana Sims. “By 2030, over half of Africa’s population will be under 25 years old. By 2040, Africa will boast the largest economy globally…. It’s only a matter of time.”
The Cairo-based African Export-Import Bank, or Afreximbank, which last year announced a $1 billion African film fund as part of wider efforts to boost the continent’s creative industries, sent a team to Durban to host a “deal room” where African filmmakers could pitch their projects to investors and financiers. The eye-popping size of the Afreximbank fund could certainly be a game-changer for the continent. Privately, however, several producers grumbled that the financial institution is too cumbersome, the barrier to entry too high for most African filmmakers to access.
Despite some criticisms, many believe that the fund’s overarching plan is sound and are observing other financial institutions adopting similar approaches. Kagisho Bapela, a seasoned dealmaker at South Africa’s IDC, emphasizes that it’s our duty in finance to foster an environment where innovative ideas can thrive and approach conventional finance methods as closely as possible, making it more accessible for creatives.
In Africa, distributing content is the most difficult aspect for both experienced and new filmmakers. As Katie Irwin, an agent and co-head of international at WME Independent, expressed, “The distribution networks in this region are a major source of frustration for us as a company, and we’re trying to determine how best to contribute. The revenue from distribution is crucial for funding future projects. However, these pipelines are underdeveloped here.” Although streaming platforms have provided some relief through commissioning structures that help bring projects to completion, a more diverse approach to distribution is necessary.
“Frédéric Fiore, head of Logical Pictures Group, aims to introduce Europe’s successful architecture in financing and distribution to the African market through their new venture this year. This includes establishing a fund for content investment, setting up production companies, constructing physical facilities, and creating a distribution network. Logical Pictures has achieved prominence in film and TV equity by strategically investing in banners like Pulsar Content and Jokers Films. Fiore believes that this agile financing method could serve as a blueprint for Africa.”
I’ve noticed an increasing number of investment funds expressing interest in the African continent and its creative industries. However, many of these funds have a background in financing large infrastructure projects such as gas extraction, road construction, and hotel development. Consequently, their due diligence processes mirror those used for such projects.
“Our goal is to act as go-betweens between major funding sources, boasting huge sums to dispense, and smaller-scale projects. This size discrepancy presents both a hurdle and an opening for us.”
As a passionate cinephile exploring the vast world of international films, I can relate to the challenges investors face in navigating the complex and fragmented African film industry. With over 1.2 billion people and diverse linguistic, cultural, and economic landscapes, it’s no wonder that many find themselves feeling overwhelmed.
Many investors may be accustomed to investing in US entertainment businesses, but feel uncertain about investing in international markets.
Talent agent Sims, teaming up with producer Erica Grayson on a fresh venture producing movies catering to a global audience with African involvement, expressed strongly that “many American producers yearn to be part of this, to create here, and are disillusioned with the conventional methods in the US.” Erica added, “The demand is significant; we just need to figure out how to bring it all to fruition.”
Kathleen Burke, a producer and filmmaker based in New York, emphasized the significance of allowing creative individuals to take the reins while we provide support. She is teaming up with Beverley Mitchell, a South African film and TV veteran, to establish Rare Bird Studios – a global production company dedicated to pan-African, diasporic, and international content. Additionally, they are collaborating closely with Habebo Studios in Paris, which excels in producing and distributing African, Afro-Caribbean, and diasporic content. In simpler terms, Burke believes that creatives should be given the freedom to lead, while we help them financially and otherwise to make their stories come to life on a global scale.
“According to Burke, the key to making that occur is for motivated producers and institutions to offer reasonable deals and do so in a way that disrupts the profit status quo for some individuals, who will then be compelled to participate. However, achieving this shift requires a significant change in leverage, which can be obtained through successful filmmaking that appeals to global audiences and generates substantial revenue for those involved in its creation.”
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2024-07-23 17:46