Technology opens up new world of revenue generation in creative industry – Ajayi
By Felicia Nwosu
Ope Ajayi, Founder/CEO of Cinemax Distribution Limited, has recalled how rapid innovation in technology over the last few decades has revolutionised the consumption and production of movie production and marketing. This, he noted, has opened up an entire new world of revenue generation as the creator economy continues to present businesses with a number of opportunities.
He stated this at the just concluded Zenith Bank annual Tech-Fair with the theme: Future Forward 3.0. While looking at the topic: “The Impact of Technology on the Creative Industry”, Ajayi, who examined the characteristics of the information goods market through personal experiences, also identified some of the the opportunities and challenges that the digital economy era presents. There is a shift, which he noted as a catalytic change that has been reshaping work processes, production methods, and consumption patterns.
“I am just going to speak about five areas where the industry has been affected significantly. The first area is unleashing creativity. Technology has affected our routes to market, but has also affected even more the way films are produced. Now we have local films, and are producing films that are action films. It’s all a function of technology. On mission creativity, you can pretty much do anything you think of in space or in the space market. And that has been shown in the course of the year with films produced in a clear trend across the world. Production values have increased significantly with positive reproduction,” he said.
He continued, “Now, the other side of the coin is, with everything that is positive, there are also negative sides. Perhaps one of the places to also mention is why the telcos are not doing a bit more in this area. There are websites that are dedicated to pirates using those films, surely telco should be able to identify those websites and perhaps with a bit more coordination be able to tackle the issue.”
The veteran movie producer also recalled how the movie industry has moved from one technological stage to the other, driven by innovation which fosters growth opportunities and improves supply chain management.
“Distribution was the biggest challenge when you look at how things were 10 years ago. Today, everyone has access to streaming platforms, that’s pretty much one of the ways in which people consume content that wasn’t there before. This has created an entire new ecosystem and an entire economy for filmmakers and content makers. It’s also improved audience engagement and personalization. One of the most important things in what technology has done is to open up an entire new world of revenue generation,” he noted
Highlighting more about the impact of technology on the grid industry, he admitted that undeniably, technology has immensely impacted on every facet of life, in shaping the landscape of economic development and offering fresh prospects for businesses and individuals.
The National President of the Civil Rights Justice System in Nigeria alluded that as brands strive to remain competitive and thrive in the evolving economy, technology-driven avenues for growth have emerged to help foster new markets and collaboration, as well as enhance communication and remote work.
“What this means is that content makers can earn money locally and internationally. It also means that a lot of investment can go into production because the revenue capacity has significantly improved. Competition is very fierce. Just the same way it is with global markets.
“As you are producing markets in Nigeria, you are producing in Korea, Thailand and all over the world. It is a global space now. It also means that skill development needs to be much better, because as we build technology, we need to learn how to use technology and learn how to apply it to the film, to the distribution, and other aspects.”
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