Difference between revisions of "IrokoTV"

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[[File: African_Innovator_Jason_Njoku.jpg | thumb | right | 250px | Jason Njoku, Founder irokoTV. Picture: Financial Times]]
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{{Infobox company
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| name = IrokoTV
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| logo = [[File: IrokoTV_Logo.png | thumb | centre | 250px | link=http://www.irokotv.com/ | IrokoTV logo. Retrieved from Website, October 19, 2019]]
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| type =
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| founder = [[Jason Njoku]]
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| key_people =
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| industry = [[Entertainment]]
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| homepage = {{URL|http://www.irokotv.com/}}
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| foundation = {{start date and age|2011}}
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| location_city = Lagos
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| location_country = Nigeria
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<span style="font-size:88%">''Editor: [https://za.linkedin.com/in/marthia-keorapetse-47075010b?trk=people-guest_profile-result-card_result-card_full-click Marthia Keorapetse]''</span>
 
<span style="font-size:88%">''Editor: [https://za.linkedin.com/in/marthia-keorapetse-47075010b?trk=people-guest_profile-result-card_result-card_full-click Marthia Keorapetse]''</span>

Latest revision as of 12:11, 30 November 2019

IrokoTV
IndustryEntertainment
Founded2011; 8 years ago (2011)
FounderJason Njoku
Headquarters
Lagos
,
Nigeria
Websitewww.irokotv.com

Editor: Marthia Keorapetse

IrokoTV (stylised iROKOtv) is an online streaming platform that provides paid-for and on-demand Nigerian films popularly known as "Nollywood films". It is a sister company of IROKO Partners, with its headquarters in London, United Kingdom. It is one of Nigeria's largest internet and entertainment companies.[1]

The Irokotv platform, dubbed "the Netflix of Africa", allows its users to stream, watch, and download movies online through a subscription. It is the world's largest legal digital distributor of African movies.[2] As of 2017, Irokotv has over 950,000 hours being watched in 178 countries around the world. These include Canada, France, Kenya, USA, and the Netherlands.[3] Its induction has given Nigerian movies a global reach and made them more accessible.[4]

Since 2014, IROKOtv also provides offline global distribution, supplying airlines with Nollywood content[5] and signing partnership deals with Tigo, Nollywood Movies, the Africa Channel, and Nollywood TV. In April 2015, Irokotv launched two new TV channels of its own with Africa's StarTimes - iROKO Play and iROKO Plus.[6]

History

Irokotv was founded by Jason Njoku alongside co-founder Bastian Gotter in December 2011. Njoku and Gotter met at the University of Manchester in the UK. It is through their friendship that Gotter saw great potential in Njoku's idea of creating an online platform for Nollywood films and made a seed investment into the company. Njoku came up with the idea when finding it difficult fo find Nollywood films online for his mother.[7] After researching the industry and noting that almost no one was buying licenses for digital versions of the movies, that there was a lack of infrastructure in place for international distribution, and that the industry was overrun by content pirates,[8] Njoku flew to Lagos, Nigeria, and purchased the online licenses of Nollywood movies directly from the producers. After striking a deal with YouTube in Germany, in 2010, Njoku and Gotter Launched NollywoodLove, a YouTube Channel where people were able to stream licensed Nollywood movies for free. The YouTube channel soon became popular and profitable within two months of launch,[9] enjoying international press coverage from CNBC, CNN and Techcrunch, which led to major investment opportunities.[10] In 2011, they began licensing and developing their own content and distribution and created a web platform that is now known as Irokotv.

In January 2017, Nigeria overtook the U.K. to become iROKOtv's second largest subscriber market. (The largest remained the U.S. market).[11] Gotter also announced his exit in January, 2017 from iROKOTV in order to focus on investing and building startups in Africa.[12] Understanding that the biggest market is in Africa, in December 2017, iROKOTV began to launch kiosks across African cities in a drive to shift the company's focus from an international African diaspora market to a Pan-African market.[13]

In 2018 the Irokotv platform had more than 5,000 movies online and attracted more than 10 million views monthly. [14]

Achievements and Investments

Bastian Gotter was the first investor of Irokotv. In 2010 he invested a total of $150,000 into the YouTube channel, which attracted a series of investors such as US-Based Venture Capital, Tiger Global Management, in which they secured $3 million by the end of 2011.[15]

By 2014, through subsequent financing from Tiger as well as Kinnevik and Rise Capital $21 million was raised.[16]

Irokotv has grown exponentially. In 2015, Irokotv expanded its TV presence and offered partnerships with various TV stations, including DSTV, Sky in the UK, and two on Nigerian's Star Time TV network. According to Forbes, Irokotv could be worth as much as $30 million.[17]

In 2017, Irokotv won the 'Online Television With Best Movie Content Award' at the City People Movie Awards.[18]

References

  1. IrokoTV - About us. Retrieved from Website 07 April 2019
  2. Bizcommunity.com - iROKOtv launches subscription service. Retrieved 2 April, 2019
  3. ThemaTV. Retrieved from Website 07 April 2019
  4. Wipo Magazine. Retreived 07 April 2019
  5. "Partners" - iroko.ng, retrieved 2 April, 2019
  6. Broadband TV News - IROKOtv secures StarTimes channels. Retrieved 2 April, 2019
  7. Mail & Guardian - Hard work pays off for founder of 'Nollywood Netflix', retrieved 2 April, 2019
  8. Smallstarter - Iroko TV – How this internet business makes millions by bringing African movies to the world, retrieved 2 April, 2019
  9. Financial Times. Retrieved 1 April 2019
  10. TV – How this internet business makes millions by bringing African movies to the world, retrieved 1 April, 2019
  11. Techpoint.africa - Nigeria overtakes UK to become iROKOtv’s second largest subscriber market, retrieved 2 April, 2019
  12. https://techmoran.com/2017/01/30/bastian-gotter-iroko-co-founder-leave-company-start-new-life-investor-startup-builder/
  13. Techmoran - IROKOtv launches its offline kiosks in Kenya in a pan-African expansion drive, retrieved 2 April, 2019.
  14. SmallStarter Website. Retrieved from Website 07 April 2019
  15. Nollywood Central: The Nigerian Video Film Industry, page 163. Retrieved from Google Books on 1 April, 2019
  16. IrokoTV Secures $8M in Another Round of Funding - Ventures. Retrieved 1 April, 2019
  17. Forbes Website. Retrieved 07 April 2019
  18. City People Online Website. Retrieved 07 April 2019