The most anticipated event of the year in the audiovisual world has just started in Cannes: Mipcom. This international audiovisual production market brings together the major players in the industry, ready to present their new productions and conclude juicy agreements. But this year, a particular trend is emerging: the growing interest of Western broadcasters in the African market.
Indeed, Africa is increasingly perceived as the new audiovisual El Dorado. Despite a still low subscription rate, estimated at only 2% of the population, video on demand platforms see exponential growth potential in this continent. Streaming giants such as Netflix, Amazon Prime Video and Disney+ have already taken a position on the continent, offering their services in certain countries such as Egypt, South Africa or French-speaking countries in sub-Saharan Africa.
To win over African audiences, broadcasters have understood that it is essential to produce locally. They have thus entered into agreements with African studios to develop content adapted to African tastes and culture. The results are clear: African productions are very successful with subscribers. For example, the Nigerian series “Blood sisters”, produced by Mo Abudu for Netflix, was one of the platform’s big hits in 2022. Likewise, the Nigerian thriller “Blackbook” is currently a hit on Netflix.
However, despite these successes, the profitability of investments remains uncertain in Africa. Indeed, the middle class is still limited and purchasing power remains low, which makes it difficult to impose high prices for subscriptions. Additionally, the advertising market is small and technological issues such as electricity shortages and lack of broadband coverage can hamper online content consumption.
Despite these obstacles, broadcasters continue to bet on Africa in the longer term. They are convinced that the growth potential is enormous and that solutions will be found to overcome the current difficulties. By investing in local productions and adapting their offerings to African realities, they hope to attract a growing audience and make their investments profitable.
In conclusion, Africa is on the way to becoming an essential market for audiovisual. Western broadcasters are increasingly turning to this continent and investing in local productions to capture a growing audience. Despite the economic and technological challenges, they are convinced that Africa offers significant growth potential and are ready to bet on its future. All that remains is to see if their strategy will bear fruit and if African audiovisual will enjoy global success. Only the future will tell us.