Reel Talk and Cinematic Insights
Leonard Chibamu
The Zimbabwean film industry has long struggled with sustainable financing. It faces significant challenges in securing capital that allows for long-term development, creativity, and profitability. With the recent signing of a Memorandum of Understanding (MOU) between the National Arts Council of Zimbabwe (NACZ) and the National Arts Council of South Africa (NACSA), a new chapter of regional cooperation has opened, providing opportunities for financial collaboration. This article explores the concept of patient capital and money science, examining how these tools can drive balanced financing and funding for Zimbabwe’s film industry.
For decades, the Zimbabwean film industry has operated under severe financial constraints. Limited budgets, inconsistent revenue streams, and a lack of investor confidence have hindered its growth. Most filmmakers operate on shoestring budgets, relying on personal savings, small-scale donations, or low-interest loans, none of which are sufficient for the scale and impact desired.
Zimbabwe’s film industry is often undercut by a lack of financing policies tailored to the sector’s unique needs. Government grants are few and far between, and banks are hesitant to fund film projects due to the perceived high risk. Most significantly, there is little long-term financing available, which prevents filmmakers from developing projects that can compete on regional and global platforms.
Patient capital refers to investments that are made with a long-term perspective. Unlike traditional venture capital, which typically seeks quick returns, patient capital allows for slow but steady growth, understanding that significant returns might only materialize after several years. This is crucial for the creative sector, where project timelines often extend beyond conventional business cycles.
For the Zimbabwean film industry, patient capital could mean the difference between short-lived projects and long-term, sustainable growth. With patient investors, filmmakers would have the freedom to invest in higher production values, better marketing, and stronger distribution networks. Crucially, they would be able to focus on storytelling rather than scrambling for quick profits to pay off debt.
Film production often involves years of work before the final product reaches the audience. Pre-production, production, and post-production processes can extend far beyond a typical business cycle, making traditional financing ill-suited for the industry. Furthermore, the returns from film projects are often nonlinear—while some films might not generate immediate profits, others can become long-term revenue streams through licensing, distribution, and streaming deals.
In the Zimbabwean context, where the industry is still developing, patient capital offers an opportunity to build capacity. It enables the nurturing of talent, allows filmmakers to experiment with new genres, and provides a cushion during periods when returns are slower to materialize.
While patient capital addresses the long-term financing needs of filmmakers, it must be supported by a scientific approach to managing that capital. Enter “money science,” an emerging discipline that uses data, analytics, and financial models to optimize funding decisions. In a sector like film, where returns are unpredictable, money science can help investors and producers make informed choices about where to allocate resources.
Money science involves understanding the economics of the film industry, from production costs to audience behavior. By applying advanced financial models, investors can minimize risk while maximizing returns. For example, predictive analytics can help identify which film genres are likely to perform well in certain markets, guiding filmmakers toward projects with higher chances of success.
In Zimbabwe, the application of money science could transform how film projects are funded. By analyzing past trends, audience preferences, and global market shifts, local filmmakers could present more compelling cases to potential investors. At the same time, financial institutions could use data to assess the viability of projects, making them more willing to provide funding.
The recent MOU between the National Arts Council of Zimbabwe and the National Arts Council of South Africa marks a significant step toward regional cooperation in the arts. The agreement opens doors for Zimbabwean filmmakers to collaborate with their South African counterparts, tapping into a larger market and accessing South Africa’s more developed film industry infrastructure.
From a financing perspective, the MOU holds enormous potential. South Africa’s film industry has been successful in attracting both domestic and international funding, thanks to a supportive policy environment and an established network of private and public investors. By working together, Zimbabwe can learn from South Africa’s success in securing balanced financing.
One of the key takeaways from the MOU is the opportunity for co-productions. Co-productions allow filmmakers from both countries to pool their resources, reducing the financial burden on any one party. In addition, they provide access to a larger talent pool, better equipment, and wider distribution networks. Co-productions have already proven successful in other regions, such as Europe, where countries collaborate to produce high-budget films that would be impossible to finance independently.
South Africa’s film industry has benefited from several innovative financing models that could be adapted for Zimbabwe’s needs. One such model is the South African National Film and Video Foundation (NFVF), which provides grants for film development, production, and marketing. The NFVF has been instrumental in fostering talent and supporting independent filmmakers, contributing to the growth of South Africa’s vibrant film industry.
Another model is South Africa’s rebate system, which offers tax incentives to both local and international filmmakers. By reducing the financial risk of production, these rebates have attracted significant foreign investment into the country’s film sector. Zimbabwe could benefit from implementing similar tax incentives, encouraging both domestic and international filmmakers to shoot their projects locally.
A key lesson from both patient capital and the South African model is the importance of diversified funding sources. Relying on a single type of financing, whether it be government grants, bank loans, or private investment, leaves the industry vulnerable to economic shifts. In contrast, a mix of funding sources ensures that the industry can weather financial storms and continue producing high-quality content.
For Zimbabwe, this means embracing a variety of funding mechanisms, from government support to private investment, crowdfunding, and international co-productions. It also means encouraging local financial institutions to get involved in the film industry, offering patient capital and innovative financial products that are tailored to the sector’s unique needs.
Ultimately, for Zimbabwe’s film industry to thrive, it must develop an ecosystem that supports every stage of production. This includes not only financing but also talent development, distribution, and marketing. The MOU between Zimbabwe and South Africa provides a framework for building such an ecosystem, encouraging collaboration across borders and industries.
By adopting a long-term approach to financing through patient capital and money science, Zimbabwe can build a sustainable film industry that produces world-class content. It will take time, investment, and cooperation, but the potential rewards are enormous. Zimbabwe’s rich cultural heritage, combined with its talented filmmakers, gives the country a strong foundation to build upon.
The MOU offers a blueprint for the future, one in which Zimbabwean filmmakers have access to the resources and support they need to succeed. By learning from South Africa’s successes and failures, Zimbabwe can create a financing environment that balances risk and reward, nurturing both creativity and profitability.
The path forward for Zimbabwe’s film industry requires a balanced approach to financing that blends patient capital with the strategic use of money science. By taking lessons from South Africa’s successful film funding models and leveraging the new opportunities presented by the MOU, Zimbabwe has the chance to build a thriving film sector.
Patience and long-term investment are critical. Investors need to understand that returns on film investments take time. This is where patient capital plays a critical role, enabling filmmakers to produce content without the pressure for immediate profits.
Money science offers a way to reduce risk and make smarter investment choices. By leveraging data analytics and financial models, filmmakers and investors can make more informed decisions that lead to sustainable growth.
The MOU with South Africa provides a valuable opportunity to learn from a more established film industry. By adopting some of South Africa’s financing models, Zimbabwe can attract more investment and build a more resilient industry.
A successful film industry relies on a variety of financing sources. Zimbabwe needs to create an environment where both public and private investors are willing to contribute, ensuring that filmmakers have access to the resources they need.
Beyond financing, Zimbabwe must invest in the entire film ecosystem, from talent development to distribution and marketing. Only by addressing all these areas can the industry truly thrive.
The future of Zimbabwe’s film industry lies in finding balanced financing solutions that support creativity, innovation, and long-term growth. Patient capital, combined with the analytical tools of money science, offers a promising path forward. By learning from South Africa and embracing a collaborative approach, Zimbabwe’s filmmakers can create world-class content that competes on the global stage.
With the MOU providing a framework for cooperation, Zimbabwe stands at the threshold of a new era in film. It’s time to seize this opportunity and build a film industry that not only survives but thrives.
Leonard Chibamu, a financial analyst and PhD student at the Catholic University, specializes in the bankability of the creative sector. He is a prolific filmmaker, writer, actor, and producer, known for the drama series ‘Village Secrets’. Internationally recognized for his expertise, Chibamu advises African bodies and contributes to film business discourse. As a philanthropist and director of LeoChi Media Consultancy, he promotes arts. For feedback contact him at chibmediastudios@gmail.com or +263773292646.
