ENTREPRENEUR OF THE WEEK: Jason Njoku- IROKOtv (UK/Nigeria)
In 2010, Jason Njoku noticed a huge gap and opportunity in Africa’s film distribution network when his mother asked him to download a Nigeria movie and he could not find a convenient way to do so online. He saw that although DVDs were common channel for film distribution in Nollywood, they were grossly inadequate and ineffective, especially for Nollywood fans outside Africa. Worse still, the DVD-based distribution system is vulnerable to piracy, a challenge that loses the industry up to $200 million a year.
Born to Nigeria parents and raised in London, Jason flew to Nigeria to purchase internet distribution rights from movie producers. He has since catalogued more than 5,000 Africa movies on iROKOtv, his online movie platform.
Dubbed by Forbes Magazine as the Netflix of Africa, iROKOtv currently receives more than 10 million monthly visits from viewers around the world. At the time of writing, his company has attracted more than $12 million in investment funding from venture capital firms and realizes monthly revenues in the region of $1 million.
Following the success with iROKOtv Jason set up iROKING, an internet platform for distributing Africa music.
Have another look at the year in which Jason’s mother asked her son to download a movie for her in the UK. Yes, you read it correctly, it was as recently as 2010. After Jason failed a couple of times with other business ideas he had pursued, he set up iROKOtv with a friend, earning his millions of dollars. This is the potential power of Africa’s markets right now, if you have that important sense of urgency to step in.
Except from page 4 of 101 ways to make money in Africa by John-Paul Iwoha & Harnet Bokrezion