Omhanyihe Precious Osagie, Founder and CEO of Prezia Entertainment, announced plans to bolster Nigeria’s creative industry despite the severe impact of the Covid-19 pandemic.
The sector, valued at $1.4 billion in 2020, was among the hardest hit, with social distancing protocols and bans on gatherings disrupting live events, film production, and music performances.
A Ghana Statistical Service survey noted similar trends in the region, with 85,000 businesses closing and 770,000 workers facing wage cuts.
Prezia’s Multifaceted Approach
Osagie described Prezia Entertainment as an “investment vehicle” offering professional digital and analog studios, a recording label, talent management, consulting, and A&R services.
The company aims to leverage online platforms to enhance the circulation of creative products, helping artists navigate Nigeria’s economic challenges, where GDP growth slowed to 0.9% in 2020 due to the pandemic.
By focusing on digital opportunities, Prezia seeks to position artists for success in a market projected to reach $13.89 billion by 2027.
Supporting Emerging Talent
Prezia Entertainment has signed artists like Omhanyihe Philip Osas (stage name Philipo), a singer-songwriter, and Jude Amiebelomon Amhanyihe, showcasing its commitment to nurturing talent. Osagie’s vision emphasizes using “God-given skills” to impact the world, aligning with Nigeria’s vibrant creative scene, where Afrobeats and Nollywood drive global influence, contributing 2.3% to GDP in 2021.
Osagie’s Broader Ventures
Beyond entertainment, Osagie, a serial investor, built Prezia Real Estate from scratch, positioning it to support his other ventures. His passion for showbiz stems from a lifelong desire to harness creativity, a drive that mirrors Nigeria’s entrepreneurial spirit, evident in the success of agencies like X3M Ideas, which won a Cannes Lions Award in 2023.
Adapting to a Digital Era
Prezia’s focus on digital platforms reflects broader industry trends. A 2022 study highlighted Nigerian YouTubers’ role in disseminating Covid-19 information, underscoring the power of digital media.
Osagie’s strategy to prioritize online distribution aims to counter the decline in live events, such as theater, which a 2022 study noted has waned due to digital disruption and Covid-19 restrictions.
With initiatives like the Central Bank of Nigeria’s Creative Industry Finance Initiative supporting the sector, Prezia’s efforts could help restore the industry’s “locust years.”
