Netflix Denies Exit Rumors, Highlights Ongoing Investment in Nollywood
Streaming Giant Reaffirms Commitment to Nigerian Content Market
Streaming platform, Netflix has denied rumors of its departure from the Nigerian market, with the company’s representatives stating their continued commitment to investing in Nigerian storytelling.
“We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our members,” said Edafe Onoriode, Group Account Director from Hill and Knowlton Strategies, Netflix’s public relations agency.
The rumors gained traction following statements by prominent Nigerian filmmaker Kunle Afolayan, who revealed challenges in the platform’s content strategy. “Three years ago, when we signed the three-film deal with Netflix, it was really exciting,” Afolayan shared, expressing disappointment that despite the global success of their films, Netflix appeared to be reassessing its local content investments.
He added with a sense of relief, “Thank God we had shot seasons two and three, because all the other people that were commissioned with us at the same time were cancelled.”
Netflix’s journey in Nigeria began in 2016, initially acquiring distribution rights for popular films before expanding into original content production. A milestone moment came with Genevieve Nnaji’s “Lionheart,” the first Nigerian Netflix original, which signaled the platform’s serious intent to engage with Nollywood.
The company’s financial commitment to the Nigerian film industry has been substantial. In 2023, Netflix disclosed an investment of $23 million and the licensing of 283 Nollywood titles since its market entry.
However, market research provides context for the platform’s strategic considerations. A London-based research firm, Omdia, revealed that Nigeria represents only 10.5 percent of Netflix’s African subscriber base, with South Africa commanding a dominant 73.3 percent.
Despite these challenges, Netflix’s latest statement suggests a continued, albeit potentially more selective, approach to Nigerian content. The streaming giant appears committed to Nigerian content, continuing its strategic engagement with the local film industry despite economic challenges.
