The Nigerian film industry, known as Nollywood, is the second largest in the world and contributes 2.3% to Nigeria's GDP. However, Nollywood struggles with generating box office revenue compared to Hollywood and Bollywood. To address this, filmmakers in Nollywood are turning to technology and creating startups to solve the industry's challenges.

At the Annual Film Mischief (TAFM'23) FilmTech Conference, technology enthusiasts in Nollywood showcased their startups and how they use technology to address critical issues in the Nigerian film industry. The conference aimed to highlight the opportunities in the film and creative space through technology.

One of the startups presented at the conference was Albantsho, an online screenwriting discovery platform that helps screenwriters create and sell their scripts. It provides scriptwriting software and a story marketplace, connecting screenwriters and facilitating collaboration.

Another startup, Nollydata, is a database for Nollywood movies, cast, and crew, similar to IMDb. It aims to provide filmmakers with access to information and create a community for interaction and feedback.

Funding has been a significant challenge for these startups. Traditional financing institutions often demand collateral exceeding 120% of the film budget, making funding inaccessible for most industry participants. However, TalentX Africa, a film-financing marketplace, has invested over ₦400 million in Nollywood and is working on solving data and distribution infrastructure problems.

Nollywood faces other challenges such as a lack of cinema screens and quality control, dwindling consumer market, and limited access for creatives. The use of technology and startups in the industry aims to address these issues and scale the solutions to benefit Nollywood as a whole.

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