Filmhouse Group’s Moses Babatope addresses Future of Business at Endeavor Nigeria’s “Catalysing Conversations” Summit
Moses Babatope, the Managing Director of FilmOne Entertainment, was a distinguished panelist at Endeavor Nigeria’s annual “Catalysing Conversations” summit, held at the Balmoral Convention Center in Lagos on Tuesday, 28th November 2023. The summit, themed “Reimagine Growth,” provided a platform for innovators and business leaders to explore strategies for navigating economic downturns with resilience and creativity.
Babatope, a prominent figure in the creative industry, participated in a panel discussion titled “Future of Business| Revolutionising Africa’s Core Industries (Creative).” During the session, he shared insightful perspectives on the role of the cinema industry in the reimagined future, responding to a key question about its significance.
“In terms of reimagining, we are not looking at changing anything particularly; we are looking at the sectors evolving,” Babatope remarked, emphasizing the importance of inclusivity in the mainstream cinema experience. He noted, “Mainstream cinema is often perceived as very middle class/upper class, and we aim to change that perception by making it more inclusive.”
Reflecting on the challenges faced by the creative sector, especially in the aftermath of the pandemic, Babatope acknowledged the impact of streaming on cinemas. However, he highlighted the resilience of entrepreneurs in identifying opportunities within challenges.
“As an entrepreneur, you continue to see the opportunities in the challenges that exist,” he affirmed, underlining the vitality of the cinema industry to the success of the local film ecosystem.
Babatope delved into the transformative potential of technology in the cinema landscape. He discussed ongoing engagements with tech entrepreneurs to explore communal streaming experiences and leverage existing infrastructure in towns and villages. He presented a vision of cinemas evolving into more than just film-watching venues, envisioning them as entertainment complexes.
“A lot of people don’t know that the cinema sector last year was N7 billion in box office. The retail spend and advertising spend brings it to about N15 or N16 billion a year in the industry, with just less than 70 locations,” Babatope revealed, emphasizing the growth prospects even in the middle/upper class tier.
Highlighting Filmhouse Group’s comprehensive involvement in the entire value chain, from production to distribution, Babatope emphasized the legacy of cinema and its significant role in projecting local content, particularly in the Nigerian market.
“From a continental perspective, we remain Africa’s biggest hope in terms of the positioning of local content. No other country (in Africa) has the share of box office like Nollywood has in its own local market. Just less than 10 years ago, local content in the box office was less than 5%, and today, the prospect is potentially 40%.” he stated.
Closing with a call to action, Babatope challenged the industry to capitalise on its resilience and increased attention: “That is the ‘reimagining.’ What can we do with the results we are getting? What can we do with the resilience we are showing? And how can we ensure that we are projecting the best of us even in very dire times?”
Moses Babatope’s insights at the “Catalysing Conversations” summit underscore the dynamic and transformative potential within the creative sector, positioning Filmhouse Group as a key player in the evolution of the cinema industry.
RECOMMENDED ARTICLES
Comment
No comments found.