PublicVine,
Nigeria’s version of YouTube, has secured an over $5m investment from US-based
corporation, Anderson Media ahead of its global launch in June this year.
Founded
by Nigerian-born entrepreneur, Nam Mokwunye; the US-based social video platform
was created to rival the likes of YouTube, iTunes and Netflix.
While
it aims to provide additional benefit to users by offering video content owners
and distributors the opportunity to be paid by viewers – a different offering
from its competitors’; the new online social video platform plans to
revolutionise video content use and distribution globally.
“What
PublicVine will be doing is to present film makers, video vendors and consumers
a marketplace for them to transact business. It is an online social video
marketplace that enables video vendors and their consumers to connect,
transact, and get paid,” Mokwunye said in a statement released by his company.
He
explained that Publicvine would make it possible for video vendors in
sub-Saharan Africa to open their own online video stores to rent and sell their
music videos, documentaries, and films to consumers globally.
“We
have seen the local film industry grow astronomically and observed that latent
potential for further growth. PublicVine believes that with our online
marketplace, greater market can be created for the country as vendors get
opportunity to own online distribution channels on PublicVine.”
Mokwunye
says Anderson’s Chairman, Joel Anderson sees PublicVine as being “the future,
with CDs and DVDs going under."
With
launching set to commence with Nigeria and South Africa, the CEO said the
platform is currently in talk with several telecommunication companies on a
marketing partnership that would make PublicVine available to their (telecom
companies’) subscription base within South Africa and into the rest of Africa.
The
firm has already started video vendor registration in Nigeria due to the huge
potential that is existent in the market.
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