The African film industry needs funding now more than ever to unleash its full potential and overcome challenges. According to a UNESCO report, some of these hurdles include a lack of infrastructure, piracy, weak distribution networks, and limited access to finance. To address this gap, Volition Cap, a licensed asset management company, created the Volition Entertainment, Media and Art (VEMA) Fund, which has set a unique precedent for financing in this vibrant sector.
In a groundbreaking move, Volition Cap launched the first-ever private equity fund to utilize investment clubs. This weaved collaboration into the very fabric of finance and signaled a new dawn for the continent’s cinematic landscape.
Their crowning achievement, financing “The Black Book” movie, is more than just funding a film – it stands as a testament to the power of Volition Cap’s belief in the sector. Notably, the movie holds the record for the highest budget ever seen in Nigerian cinema. But that’s not all; it caught the attention of Netflix, a global streaming giant, leading to its recent acquisition. This recognition by a major distributor emphasizes the strength and commercial appeal of African cinema. The production and acquisition of “The Black Book” signify a tipping point in Nollywood, Nigeria’s thriving film sector and the world’s second-largest film industry.
The Fund Model
The Volition Entertainment, Media and Art (VEMA) Fund is a trailblazing model for private equity in Africa. With participation by Vizient Coop (Volition Cap’s investment club), the fund comprises Africans who pooled their resources to invest. This model offers several benefits over conventional financing methods, such as:
- Enabling African filmmakers to access cheaper sources of capital required to produce high-quality films: African cinema is often under-resourced, which hampers the ability of filmmakers to produce global movies.
- Empowering African filmmakers to have more control over their films: giving them more creative autonomy and ensuring that their films reflect their own unique perspectives.
- Fostering the growth of African cinema: by providing a platform for filmmakers to create visibility for their work.
Volition Cap’s investment in African cinema is helping to create a more sustainable and equitable film industry on the continent. By providing filmmakers with the resources they need, Volition Cap is creating jobs and opportunities for African creatives. It is also helping to take African stories to the world, showcasing the rich diversity of our culture.
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You can also read Nigeria’s SEC Grants Volition Cap License to Kickstart Fund Management