Paramount, an international movie production company, has announced that it will launch its streaming service, Paramount+, in Africa by 2024 while expanding its production facility.
According to media reports, the organisation publicly unveiled its objectives for the Nigerian film industry at the recently concluded 11th AFRIFF.
At the event, Country Manager of Paramount Africa, Bada Akintunde-Johnson, 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 feature films that can go on the platform and other platforms. We also hope to deliver these local projects with producers who have been building the market and their portfolios over the years. We want to change the narrative for the better in our continent.
Bada further revealed that the service will not fully sponsor any film production, as they will opt 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, with whom we can share co-ownership. Once we agree that the story is great, we will decide on the funding and distribution. It’s a 50-50 partnership deal,” he added.
“We are in a streaming age. Paramount+ has rolled out in America, and 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 our global expertise,” Akintunde-Johnson said.
Earlier this year, Prime Video said it had employed development executives in Nigeria to launch its service.
The African film business is more competitive than ever for streamers’ investment. Prime Video has inked five output deals. The streaming service revealed its three-year overall contract with Jade Osiberu earlier this year.