Idris Elba is establishing a vibrant entertainment scene in Africa.
Idris Elba's goals are substantial. He intends to establish film studios throughout Africa, commencing in Zanzibar, a semi-autonomous Tanzanian island distinguished by its pristine white sand beaches. This concept germinated last year following his encounter with Tanzanian President Samia Suluhu Hassan at the World Economic Forum in Davos. Their conversations inspired plans for the first studio in Zanzibar, which Elba believes could serve as the foundation for a global entertainment hub.
The Zanzibar government granted Elba roughly 200 acres in August to commence construction. Zanzibar's Minister for Investment, Shariff Ali Shariff, announced that Elba would be constructing a modern studio reminiscent of Hollywood, Nollywood (in Nigeria), or Bollywood. As a hilarious aside, Shariff even pondered the names "Zallywood" or "Zawood" for the industry.
The project extends beyond films. Elba believes Africa's creative sector is underrepresented globally. During an interview with CNN at the Stellar Development Foundation's Meridian conference in London, he highlighted that much of the worldwide imagery about Africa does not come from Africa itself, and a significant portion of media portrays Africa in a negative light. However, Africa's median age is 19, and these optimistic young people deserve the opportunity to share their own narratives.
Africa houses 18% of the world's populace but represents only 1% of the global creative economy. Goldman Sachs expects the creative sector to double within the next five years. A UNESCO report published recently suggests that Africa's film and audiovisual industry could produce 20 million jobs and contribute $20 billion to the continent's GDP by 2030. Global giants such as Netflix and Disney have already invested substantially in Kenya, South Africa, and Nigeria.
Despite this potential, many emerging economy governments have yet to recognize the economic potential of the creative sector, Elba mentioned. Poor regulation and investment in areas like copyright and financing have hindered growth. In comparison, South Korea experienced an unprecedented growth in its entertainment industry between 2017 and 2021, with pop-culture-related exports expanding at an average annual rate of 13.7%. The Economic Research Institute of Korea estimates that this boosted the country's economy by $27 billion.
Tanzania has taken notice and is collaborating with South Korea to train African actors in Busan. However, Elba recognizes that simply constructing studios will not trigger an entertainment revolution.
"It's all been a puzzle," he explained, referencing the challenges of creating a new industry structure. One significant piece is finding a suitable way to remunerate creators in nations with limited banking infrastructure.
In a separate but related endeavor, Elba has teamed up with Stellar, a blockchain-enabled platform, to launch Akuna Wallet, a digital wallet designed for the creative economy. Akuna Wallet enables artists, filmmakers, and musicians to manage payments and royalties without relying on traditional banks. By permitting peer-to-peer transactions in digital currencies, it offers a secure payment system in regions with restricted financial infrastructure.
A pilot project, initiated this week in partnership with the Ghanaian government, aims to simplify payments for local creatives, potentially enhancing financial inclusivity in the industry.
"Popular platforms for monetizing creative work often require bank accounts, which excludes numerous young Africans," Elba stated. "We require a financial model that facilitates consistent quality creation."
Should local governments acknowledge the healthy entertainment economy, he added, they can contribute to its expansion.
"It will grow, and it can grow," he concluded.
The construction of Elba's modern studio in Zanzibar, reminiscent of Hollywood, Nollywood, or Bollywood, is expected to boost the local business and economy. Elba's Akuna Wallet, a digital wallet for the creative economy, aims to facilitate payments and royalties in regions with limited banking infrastructure, promoting financial inclusion in the creative sector.
