Entrepreneur Jason Njoku is making Nollywood movies easier to access across the globe.
Njoku, founder of iRokoTV, the largest website in the world that distributes Nollywood movies, spoke at the Innovator’s Keynote. This was the first event to start Social Media Week Lagos 2014, held at the Four Points by Sheraton Lagos.
Users of the service can watch a limited amount of films for free. Subscribers pay a $5USD fee for access to all films.
Nollywood movies are popular across the world. It’s the third-largest film industry on the globe. While 3-4% of the iRokoTV market is Nigerian, 70% of the market comes from the U.S., U.K. and Canada. Njoku, however, would like to see those numbers change.
“We expect Nigeria to be our largest market. It may take 10 years. Broadband is key to that.”
While the mobile market is growing in the country, broadband is still expensive and doesn’t guarantee quality service.
He said consumers in the West use iRokoTV from 6PM-midnight, while Nigerians use the service 11AM-4PM, suggesting many use it at work where the have better Internet service.
Njoku said the continued success of Nollywood would be the stories that stay true to Nigerians, and Africans. “At the core, they’re about aspiration, they’re about God and they’re about trying to survive,” Njoku said of the films. He says the stories tap into those pressure points that affect people’s lives.
All week we’ll be holding an Innovator’s Keynote at Four Points from 8:30-10:00 a.m.. Feed your mind with a conversation from a leader in their field.