AFRICANGLOBE – Nigerian Nam Mokwunye’s startup, PublicVine has been boosted by a $5 million investment as it readies for its June 6th 2014 global launch.
The US-based platform is a web-based marketplace for videos enabling vendors and consumers of videos to share, rent and sell.
“We have secured about $5 million investment in the United States due to the potential that people had seen in it,” Nam Mokwunye, PublicVine’s CEO was quoted as saying by Nigerian news platform, BusinessDaily.
The firm which Mokwunye said was designed to rival existing platforms is also aimed at revolutionizing the global use and distribution of video content.
According to him, video vendor registration (VVR) had already started on its website, with Nigeria chosen as a starting point of its VVR events due to the large market already existing in the West African country.
PublicVine recognizes Nigeria as one of its biggest potential markets as the country’s movie industry (Nollywood) remains the third largest in the world and its music industry one of the largest in Africa.
“We have seen the local film industry grow astronomically and observed that latent potential for further growth,” said Mokwunye.
He added that the new web-based marketplace can create greater market for Nigeria as vendors would be able to own channels through which they can distribute videos.
Publicvine makes it possible for video vendors to start their own online and mobile video stores to rent and sell their video content (music videos, documentaries, films, etc.) to consumers globally, the company said on its website.
Nigeria recently became Africa’s largest economy after a rebasing of its GDP, with its entertainment industry described as one of the major boost to its economy.
PublicVine is expected to foster this growth across Africa as the continent seeks to send its content to the rest of the world.
By: Niyi Aderibigbe