by the film industry in Nigeria estimated at ₦522 billion (US$3 billion) per annum, with broadcast content valued at ₦250 billion (US$1.6 billion). At the peak of the video era at around 2008, the industry had become the second largest producer of films, releasing approximately 200 video films monthly. However at this point, the Nigerian film industry had practically degenerated into a "visionless" industry, with the invasion of several people who do not know a thing about filmmaking, and piracy was at its peak. Dealing with the menace of piracy, amongst other problems, became a hard nut to crack; as a result of this, most investors of the "Alaba cartel", who control almost 90 percent stakes in the video industry, began to channel their money into other business ventures instead. The decline of the Home video era has been attributed to several factors, such as the refusal of the Government to provide support and funding, the lack of a formal and effective indigenous film distribution infrastructure and the increase in the cost of production in Nigeria. New Nigerian Cinema (mid 2000s - present) This is an emerging phase in Nigerian cinema, in which there became a major shift in the method of film production, from the video format, back to the cinema method, which constituted the films produced in the Golden era. Few years into the 21st century, Nigeria began to experience the growth of cinemas, which was initially structured for the middle and upper class. The Silverbird Group is the first company to launch a series of modern Cinema houses across major cities in Nigeria, mostly situated in affluent areas and districts. It launched its cinema chains in 2004, starting with the Silverbird Galleria in Victoria Island, Lagos. The Silverbird Galleria is a large shopping mall, with an upscale cinema facility and various outlets where mercantile activities take place. This provides more reasons to visit the place beyond just watching films, but more of a social activity and a modified sort of entertainment beyond film watching. This trend has given another probable explanation as to the demise of the Nigerian cinema culture in the 1980s, which might have been as a result of the unfashionable appearance of most cinemas of the Golden era. Silverbird cinemas upon establishment started screening Nigerian films with high production quality, as a result discouraging poor film production. The first New wave film to be