His aspirations are substantial. Elba plans to establish film studios throughout Africa, beginning with Zanzibar, the Tanzanian semi-autonomous island famous for its stunning white sand beaches. This initiative was inspired by a meeting last year with Tanzanian President Samia Suluhu Hassan during the World Economic Forum in Davos, which sparked discussions about launching the first studio in Zanzibar. Elba envisions this project as a foundational step towards creating a global entertainment center.
In August, the Zanzibar government committed nearly 200 acres of land for the construction of the studio.
“Idris Elba will be developing a modern studio akin to those in Hollywood, Nollywood (in Nigeria), or Bollywood,” stated Zanzibar’s Minister for Investment, Shariff Ali Shariff. He humorously suggested the potential names “Zallywood” or “Zawood” for the industry.
The initiative extends beyond filmmaking. Elba is passionate about addressing the underrepresentation of Africa’s creative sector on the world stage.
“Much of the imagery about Africa isn’t even generated from Africa,” Elba remarked to CNN at the Stellar Development Foundation’s Meridian conference in London this week. “A lot of media focuses on negative portrayals of Africa. However, with a median age of 19, the youth in Africa are optimistic and deserve the opportunity to share their own narratives.”
There is also considerable financial potential. Despite Africa representing 18% of the global population, it contributes only 1% to the worldwide creative economy—a sector that Goldman Sachs predicts will double in the next five years.
The timing is exceptionally favorable. A recent report from UNESCO indicates that Africa's film and audiovisual sector has the potential to generate 20 million jobs and contribute $20 billion to the continent's GDP by 2030. Major global companies such as Netflix and Disney have already made significant investments in countries like Kenya, South Africa, and Nigeria.
However, many governments in emerging economies have yet to fully acknowledge the economic opportunities presented by the creative sector, according to Elba. The absence of proper regulations and investment, especially concerning copyright and financing, has hindered growth.
Elba draws parallels to the remarkable expansion of South Korea's entertainment industry. Between 2017 and 2021, exports related to Korean pop culture increased at an average annual rate of 13.7%, significantly outpacing overall export growth. The Korea Economic Research Institute estimates that this surge contributed $27 billion to the national economy.
Tanzania is already looking to this model, collaborating with South Korea to train African actors in Busan. However, Elba recognizes that merely establishing studios will not be sufficient to ignite an entertainment revolution.
“It’s all been a puzzle,” he remarked, highlighting the complexities involved in developing a new industry. A crucial aspect is finding ways to compensate creators in regions with limited banking systems.
In a related initiative aimed at addressing the payment challenges, Elba has teamed up with Stellar, a blockchain-based platform, to launch Akuna Wallet, a digital wallet tailored for the creative economy.
Akuna Wallet enables artists, filmmakers, and musicians to handle payments and royalties independently of traditional banking systems. By facilitating peer-to-peer transactions in digital currencies, it offers a secure payment solution in areas with inadequate financial infrastructure.
With nearly 60% of Ghana’s population under the age of 25, a significant number of young Africans remain unbanked.
A pilot program, initiated this week in collaboration with the Ghanaian government, seeks to simplify payment processes for local creatives, potentially enhancing financial inclusion within the industry.
Elba stated, "Many popular platforms for monetizing creative endeavors necessitate bank accounts, which leaves numerous young Africans at a disadvantage. It is essential to develop a financial model that supports the ongoing production of high-quality content."
He further emphasized that if local governments recognize a thriving entertainment sector, they will facilitate its expansion.
"It has the potential to flourish, and it certainly can," he remarked.