Filmmaker and author, Laju Iren, has emphasised the importance of understanding the economics of the film industry, saying that creativity alone is not enough to build a sustainable career.
Speaking on Thursday at the Creative Economy Stage of Moonshot by TechCabal, Iren said that while storytelling remains a powerful tool for changing hearts and shaping culture, creatives must also learn how to make their craft profitable.
“You can’t conquer any industry without understanding it. The kind of stories I tell, I believe stories change people. We present stories that people can relate with. Storytelling is about changing hearts, but if we need to do this, we must figure out the profit aspect,” she said.
Iren noted that many people underestimate the cost of producing films, despite their social and emotional impact.
“People know how impactful film is, but they don’t know how expensive it is. There are good stories out there, but we really need to understand the economics of it. If you keep waiting for the perfect opportunity, it doesn’t exist. You can have ten story ideas but only enough money for two. To overcome this, we need collaborations,” she added.
Reflecting on her journey, Iren explained that when she started out in 2020, the landscape was very different, with fewer digital tools and communication platforms available to independent creators. She said adaptability and collaboration have been crucial in navigating the evolving industry.
On film distribution, the “Loving Amanda” producer shared insights from her experience experimenting with different models, including private and virtual cinemas.
“My first cinema film is coming soon. When we produced Loving Amanda in 2022, the thinking was that Christian films don’t do well in cinemas, so that wasn’t an option. I also didn’t like the offers I was getting from streamers because they weren’t at par with my production costs. We tried private screenings, but the logistics were huge,” she said.
She revealed that her team later embraced a subscription-based virtual cinema model, which proved more efficient and financially viable.
“The interesting thing now is the subscription model. The amount of infrastructure it takes to build something like Netflix is huge, so we decided to do a virtual cinema, where we pay for platforms only for a specific time rather than buying the assets. We paid for a month, and we made the entire budget of the team from that,” Iren explained.
She, however, advised that anyone exploring virtual cinema must be deliberate about marketing, pre-orders, and ensuring a secure, seamless payment process.
“If you ever want to do virtual cinema, be intentional about pre-orders and ensure your film can’t be pirated. Make payment seamless. If you’re new in the business, you have to figure out what works for you,” she advised.
Also speaking on the panel, Collette Otusheso shared her journey into filmmaking, inspired by her desire to tell stories about her roots while living in the United Kingdom.
“I love storytelling — that’s how and why I got into it. I’ve worked with Multichoice, Big Brother, and Tinsel, and I’ve seen lots of talent that didn’t have the opportunity to shine. When we created Accelerate TV, we opened the door for talents and created a pipeline to nurture the next generation,” Otusheso said.
She added that Accelerate TV was built to address the lack of formal creative institutions in Nigeria by offering mentorship, training, and opportunities for emerging filmmakers.
“We didn’t have institutions here, so we looked inward to create a space to train and connect talents to mentors. We get their ideas and take them to AFRIFF, and we open our network to several industry leaders like Kemi Adetiba and others who help us achieve this goal,” she said.
Both speakers agreed that passion must be balanced with profitability, urging emerging creatives to build sustainable business models around their craft.
