In a bid to upscale and monetise the intellectual property of creators in the industry, Sterling Bank Plc is dimensioning the creative sector of the nation’s economy.
The head of creative and entertainment business financing in the bank, Mr Lanre Olalusi, made the disclosure at the 2021 edition of Legends of Nollywood Awards held in Lagos recently.
Olalusi who said the move was sequel to the bank’s realisation that the sector is crucial to the Nigerian economy due to its significant contribution to the Gross Domestic Product (GDP) and provision of employment for many Nigerians explained; “We are looking into the sector to upscale it and to monetise intellectual property by partnering with artists to create long-term value through their works.”
He emphasized the need to put together the existing catalogues created by industry legends and assign value to them such that royalties received from these works can become revenue for the creators in the later parts of their careers.
He advocated that instead of artists seeking grants to finance their operations, they should seek valuation of their current bodies of work and use them as collateral to get financing for their current projects. He introduced Specta to the artists, urging them to take advantage of its unique features.
Specta, according to him, is an instant online lending platform that offers consumer loans of up to N5 million in five minutes.