KEY POINTS
- Laju Iren stresses film economics for sustainability.
- Virtual cinema offers a viable profit model.
- Collaboration and mentorship are key to growth.
Filmmaker and author Laju Iren says creativity alone is not enough to build a lasting career in Nollywood. She urged filmmakers to understand the economics of the film industry to ensure their art remains profitable and sustainable.
Speaking Thursday at the Creative Economy Stage of Moonshot by TechCabal, Iren said storytelling remains a powerful tool for shaping culture and changing lives, but filmmakers must also learn the business side of their craft.
Creativity needs the backing of business insight
“You can’t conquer any industry without understanding it,” she said. “We tell stories that change hearts, but to do that sustainably, we must figure out the profit aspect.”
Iren explained that many underestimate how expensive filmmaking is, noting that while great stories abound, few creators can bring them to life without understanding financing and collaboration.
“You can have ten story ideas but only enough money for two,” she said. “To overcome that, we need partnerships and strategic thinking.”
Film economics and new distribution models
Reflecting on her journey since 2020, Iren said adaptability has been crucial, especially with the rise of digital platforms. She revealed that her 2022 film Loving Amanda inspired her to experiment with virtual cinema after rejecting streamer offers that undervalued her work.
“We decided to build a subscription-based virtual cinema,” she said. “We paid for a month and made the entire budget of the team back from that.”
However, she warned that success with virtual models depends on strong marketing, pre-orders, and anti-piracy measures. “If you ever want to do virtual cinema, be intentional about pre-orders and make payment seamless,” she added.
Nurturing local talent through collaboration
Also on the panel, Collette Otusheso, founder of Accelerate TV, said her platform was created to bridge the talent gap in Nigeria’s creative space.
“We didn’t have creative institutions here, so we built one,” she said. “We train talents, connect them to mentors, and showcase them at AFRIFF. Collaboration drives growth.” Both speakers concluded that passion must be paired with profitability for the industry to thrive long-term.
