New developments and curiosities from a changing global media landscape: People, Spaces, Deliberation brings trends and events to your attention that illustrate that tomorrow's media environment will look very different from today's, and will have little resemblance to yesterday's.
Many global citizens recognize Hollywood films— they are easily identified by their high production values and mostly predictable storylines. Many also recognize Bollywood films, with their glamor, romanticism, and show tunes. However, many are not aware that Nollywood, the film hub of Nigeria, is the second-ranked film mecca in the world.
Nigeria’s film industry is prolific, producing as many as 50 films a week or more than 1,200 films a year. Nollywood surpasses Hollywood in sheer volume and is gaining ground on Bollywood in India, which overtook the USA as the largest film producer in the 1970s and now has about double the output of Hollywood.
Nollywood films are typically low-budget, and revenues are small. One of the highest grossing Nollywood films so far is thought to be "Ije: The journey", which generated $500,000 when it was released in 2010. According to ThisIsNollywood.com, the average production “takes just 10 days and costs approximately $15,000.”
Bollywood generated revenues of $1.6 billion in 2012, and has been growing by around 10% a year. By 2016, revenue is expected to reach $4.5 billion, according to the DI International Business Development (DIBD), a consulting unit of the Confederation of Danish Industry. Bollywood also boasts intermediate production costs of around $1.5 million per movie.
Hollywood’s average budget per movie is $47.7 million per movie, with each taking about one year in production time. However, ticket prices are much higher in the US than in Nigeria and India and Hollywood generates much higher revenue – as much as $11 billion annually.