Meet ‘Nollywood’: The second largest movie industry in the world

Fortune

In 1992, in Nigeria, electronics salesman Kenneth Nnebue shot a straight-to-video movie in one month, on a budget of just $12,000. Living in Bondagesold more than a million copies, mostly by street vendors, and Nollywood – Nigeria’s movie industry – was born.

By 2009, Nollywood had surpassed Hollywood as the world’s second largest movie industry by volume, right behind India’s Bollywood. And in 2014, the Nigerian government released data for the first time showing Nollywood is a $3.3 billion sector, with 1844 movies produced in 2013 alone. Earlier this year, Nollywood Producer Kunle Afolyan reached an exclusive Netflix distribution arrangement for his latest film, October 1. This adds to the 10 Nollywood related titles already on Netflix and the U.S. media company’s recent $12 million movie rights purchase of Nigerian novel Beasts of No Nation, to star Idris Elba.

And many observers believe that the global reach…

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