Streaming wars: More competition for Netflix as Paramount+ set to launch in Africa soon

The company formally introduced its plans for the Nigerian film industry during a panel session at the 11th edition of AFRIFF. Key players in the industry, particularly producers, were engaged in the discussion.

Paramount, an international movie production company, has announced that the company will launch its streaming service, known as Paramount+, in Africa by 2024 while also expanding its production facility.

According to ShockNG, the organisation publicly unveiled its objectives for the Nigerian film industry at the 11th AFRIFF edition, which took place at the Landmark Centre in Victoria Island, Lagos.

At the event, Bada Akintunde-Johnson , the Country Manager, Paramount Africa said:

“We are engaging with key players in the industry, particularly producers to co-produce and co-fund projects with us. We’ll identify stories, documentaries, drama series, and features films that can go on the platform and some other platforms. We also hope to be able to deliver these local projects with producers who have been building the market and their portfolios over the years. We hope to continue to change the narrative for the better in our continent.

Bada further indicated that the service will not fully sponsor any film production, as they will be opting for a 50-50 partnership deal.

“For now, we are not funding any project by ourselves. We are looking for people with skin in the game, people with whom we can share co-ownership. Once we agree that the story is great, we will decide on the funding and other stuff like distribution. It’s a 50-50 partnership deal,”

“We are in a streaming age. Paramount+ has rolled out in America. This is Africa’s time. African stories are going mainstream. It’s an opportunity for us to do more of the storytelling ourselves. With Paramount+ coming to Africa, it does not imply that Americans are coming to develop our stories for us. It’s about us telling our stories on a global platform with the global expertise that we have,” Akintunde-Johnson said.

It is obvious that things are moving swiftly in terms of investment as more and more streamers continue to start in Africa. Prime Video said earlier this year that it has employed development executives in Nigeria for the country's launch of the service.

The African film business is more competitive than ever for streamers' investment. Five output deals have been inked by Prime Video. The streaming service revealed its three-year overall contract with Jade Osiberu a few months ago.