Despite reports from three publications suggesting that Netflix is withdrawing from the Nigerian market, the global streaming giant has categorically denied these allegations and maintained that it will continue to invest in Nigerian content.
This speculation was further fueled by comments made by Nigerian filmmaker Kunle Afolayan, who spoke at the 2024 Zuma International Film Festival. Afolayan claimed that Netflix has cancelled several films it had previously commissioned from an anonymous filmmaker.
“I was really excited three years ago when I signed a three-film deal with Netflix,” Afolayan said. The filmmaker further said that despite the remarkable success of these films around the world, Netflix seems unimpressed with their earnings in Nigeria.
“Thankfully, we were able to shoot seasons two and three (of Anikulapo) because everything else we were commissioned to do at the same time got cancelled. However, Afolayan did not explicitly state that Netflix is a market in Nigeria.” That said, his comments have naturally fuelled speculation that the streaming platform may be pulling out of the country. This speculation is not entirely unfounded. Another major streaming service, Amazon Prime, pulled out of Nigeria in January 2024, a year after a major marketing campaign and the release of Nigerian originals.
In a statement to TechCabal on Wednesday, a Netflix spokesperson reiterated the company’s commitment to Nigeria, saying: “We will continue to invest in Nigerian stories to engage our audience.” Still, conversations and reactions on social media on Wednesday highlight growing uncertainty about Netflix’s long-term strategy in Nigeria, where rising inflation and a devalued currency are squeezing consumer purchasing power.
Netflix is struggling to grab a larger share of Nigeria’s competitive streaming market, which is dominated by the low-cost Showmax service owned by Multichoice. Currently costing ₦7,000 ($4) per month, Netflix remains a luxury for many Nigerians, especially as inflation and the devaluation of the naira have eroded purchasing power.
As local providers continue to take the lead in terms of pricing, it may become increasingly difficult for Netflix to maintain its position in the region.
Netflix’s relationship with Nigeria dates back to 2016, when the company began licensing well-known local films. Since 2016, the company has pumped more than $23 million into the Nigerian film industry, supporting more than 250 locally licensed titles, co-productions and original commissions. Lionheart, The Wedding Party 2, and King of Boys are some of his best-known titles. In 2020, the streaming service inked deals for several titles with prominent Nigerian producers such as Mo Abudu’s EbonyLife Productions. In 2021, it expanded its partnership with Kunle Afolayan, signing a three-film deal that includes an adaptation of Sefi Atta’s Swallow.
