Publications
Partners
Johannesburg - African internet television business iROKOtv has signed deals worth millions of dollars to boost its content development and capital funding.
Prior to Netflix launching in markets like Nigeria and South Africa earlier this month, iROKOtv was launched in December 2011 as a dedicated internet video website for fans of Nollywood - Nigeria’s film industry. The service, though, has expanded to have other African content such as from Ghana’s ‘Ghallywood’.
Nollywood, or Nigerian Hollywood, has been described as among the world’s largest film industries along with India’s Bollywood and America’s Hollywood.
And iROKOtv is now looking to tap the African market further after French media giant CANAL+ together with existing investor Kinnevik AB have invested $19m (R312m) in the streaming Nollywood business. iROKOtv, says it has previously raised $25m (R411m) from international investors, including Tiger Global, Kinnevik and RISE Capital.
iROKOtv plans to use the fundraising boost towards local content financing and production, as well as its product and engineering teams in Lagos and New York.
“The ambition is to produce at least 300 hours of original content in 2016, with the expectation of doubling that by 2018,” said the company in a statement.
“This will enable the company to build on its already extensive catalogue, making it arguably one of the largest libraries of local African content,” said iROKOtv.
Mobile is also expected to become a big part of iROKOtv’s focus, said the company’s co-founder Jason Njoku.
Last year, global phone body the GSMA said that it expected Africa to have a total of 722 million mobile connections by the end of 2015.
“With millions more Africans poised to come online via mobile in the coming years, our mission is to lead viewers to content they'll love,” said Njoku.
While iROKOtv was among the first video streaming outfits in Africa, competition in the space has heated up.
In the last 18 months, players such as Netflix, Naspers’ ShowMax, MTN’s VU and PCCW’s ONTAPtv have entered markets such as South Africa.
