Iroko Partners, Nigeria based online distributor of Noliwood movies and music startup has raised $2 million. This is coming just three months after it raised $8 million round of funding from U.S.-based hedge fund Tiger Global. The latest $2 million round of funding is from a Swedish’s Kinnevik venture capital group. Iroko is planning to start online streaming of the movies and music through partnership of cable and satelitte tvs in US and Europe
iROKO Partners is the largest distributor of Nigerian entertainment. According to Iroko partners website company has built a global audience of over four million unique users from 178 different countries across its movie and music platforms.
From Iroko tv provides on-demand film streaming service for Nollywood movies, while iROKING caters for music streaming .
According to reuters:
Founder Jason Njoku said the majority of the company’s revenues come from users across the African Diaspora in the United States, Britain and Canada and other countries outside the continent.
The Nigerian movie industry is now widely acknowledged as the third largest after Hollywood and India’s Bollywood in terms of the number of movies produced. While so-called Nollywood movies are typically distributed within Nigeria and around the world on DVD or Video-CD discs, Njoku spotted a gap in the market to digitize the movies for online distribution. Most of the Web viewers have been in developed countries with fast-enough Internet traffic speeds to enable video streaming.