Global streaming platform, Netflix has denied making plans to exit Nigeria over alleged poor return on investment (ROI).
Recall that there had been media reports that the streaming giant was finalising moves to leave the country. Denying the claims, Netflix however insisted it will continue to invest in Nigerian content.
The speculation was fueled by comments from popular Nigerian filmmaker, Kunle Afolayan, who spoke at the 2024 Zuma International Film Festival.
Afolayan claimed Netflix canceled several films it had previously commissioned from unnamed filmmakers.
“Three years ago, when we signed the three-film deal with Netflix, it was really exciting,” Afolayan said.
The filmmaker went on to share that despite the stellar performance of those movies globally, Netflix seemed unimpressed by their returns in Nigeria.
“Thank God we had shot seasons two and three [of Anikulapo] because all the other people that were commissioned with us at the same time were canceled,” Afolayan was quoted as saying.
Amazon Prime, another major streaming service, exited Nigeria in January 2024 one year after a huge marketing campaign and a slate of original Nigerian productions..
Debunking the viral report, a Netflix spokesperson reaffirmed the company’s commitment to Nigeria, saying, “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience.”
Netflix has struggled to capture a large share of Nigeria’s competitive streaming market, which is dominated by the more affordable Showmax, a service operated by Multichoice. Netflix—currently priced at ₦7,000 ($4) per month—remains a luxury for many Nigerians, especially as inflation and naira devaluation erode purchasing power.
With local players continuing to outperform in pricing, Netflix’s ability to maintain its position in the region could become increasingly challenging.
According to reports, Netflix’s relationship with Nigeria dates back to 2016 when it began licensing high-profile local films. Since 2016, it has poured over $23 million into Nigeria’s film industry, backing over 250 locally licensed titles, co-productions, and original commissions. Lionheart, The Wedding Party 2, and King of Boys are some of its most recognisable titles. In 2020, the streaming service signed multi-title deals with prominent Nigerian producers like Mo Abudu’s EbonyLife Productions. In 2021, it expanded its partnership with Kunle Afolayan, signing a deal for three films, including an adaptation of Sefi Atta’s Swallow.
