Nigerian comedian and entertainment entrepreneur, Ayo Makun better known as AY has revealed how the recession affected his business. The filmmaker made this known in a recent chat with Zain Asher.
AY noted that Nollywood is now attracting investments because investors see the profitmaking potential of the industry.
“People are now beginning to know that you can make money from our movies. Investors are starting to come in and collaborations between different production outfits are beginning.”
On how the recession affected him, he said: “It affected the last movie I did, 10 Days in Suncity, because of the exchange rate. I was shooting in Nigeria and South Africa so the exchange rate was crazy and that affected finance
“Recession or no recession, Nigerians want to like a product and they are ready to go out there and see it – it’s part of the relief for them”.
He also urged aspiring filmmakers to have confidence and cultivate the ability to take risks.
“The secret is not for you to just jump in because you think people are making money. You need to do your research. You also need to have an understanding of finance.
“(As) I have other comedy platforms, maybe the proceeds from doing standup will divert into this new line of business, which is movie making… And I’m a risk taker. I do not ask for any sort of funding.
“I have lost so much (money) from (the piracy of) 30 Days to A Trip to Jamaica. This has also affected the industry – some producers believe that if they spend so much and pirates come, they are going to (have a) huge loss.
“But if they spend less and they make a little money before the thieves come, it will be fine. This is affecting the quality [of the films being made].”