Lagos-based LaVida studios has secured a $50 million investment deal and also entered into a production agreement with Dentsu-owned U.S based studio, The Story Lab.
The three-year deal with The Story Lab will birth 10 films and television properties which will showcase African stories on the global stage. Covering both scripted and unscripted film and TV projects, the deal will see production handled by LaVida Studios for all Africa-based production out of The Story Lab.
The Story Lab invests in talented creators and producers to develop entertainment that challenges storytelling conventions. It also innovates the way entertainment is packaged, distributed and marketed to reach global audiences.
LaVida is supported by PAC Capital Limited with an initial $50 million for LaVida’s film and TV projects, including the collaboration with The Story Lab. The funding comes from PAC Capital’s PanAfrican CCI Fund 1, a $100 million fund dedicated to financing film production and distribution in Africa.
Also, both LaVida and Dentsu are working on collaborating with the African International Film Festival (AFRIFF) to create a joint initiative, which would recruit and support top African writing talent in creating original stories that appeal to a global audience.
Chioma Ude, founder of AFRIFF and managing partner in LaVida Studios, said: “We are thrilled to be working together with Dentsu and its The Story Lab team in the U.S. to bring authentic and compelling African stories to the world.”
Geneva Wasserman, executive VP and head of scripted content, The Story Lab U.S said: “The combination of LaVida’s partnerships with top Nigerian creators and Dentsu’s global network and presence will serve as a bridge between these top content creators and the global market through this collaboration. We are honored to bring these stories to the world.”
Mike Ferry, head of The Story Lab U.S. added, “It is partnerships like this one which really help move the dial when it comes to discovering and elevating emerging talent. I’m so pleased we can be part of amplifying the diverse voices of Africa alongside our friends at LaVida and AFRIFF.”
