Michael Boluwatife
Netflix has debunked rumors surrounding it plans to exit the Nigerian market, reaffirming its commitment to continue investing in local content.
In a statement debunking the trending rumors the streaming platform, Netflix stated that it has no plans to leave Nigeria.
"We will continue to invest in Nigerian stories to delight our audience."
However, the rumors began to circulate on social media after a popular Nigerian filmmaker Kunle Afolayan, disclosed at the 2024 Zuma International Film Festival on Tuesday, stating that Netflix is making plans to leave Nigeria.
According to Afolayan, the streaming giant had recently canceled multiple projects, sparking concerns over the platform’s future in Nigeria.
"Three years ago, when we signed the three-film deal with Netflix, it was really exciting," Afolayan said.
Despite the global success of the films, he said that Netflix appeared to be dissatisfied with their performance, noting that after the completion of season's two and three of Anikulako, many other projects were scrapped.
The actor's remarks fueled speculation, especially given Amazon Prime's recent withdrawal from the Nigerian market in January 2024, after just one year of operation.
Netflix entered the Nigerian market in 2016, initially licensing prominent local films. Since then, the company has invested over $23 million in the Nigerian film industry, backing over 250 titles, including notable productions like Lionheart, The Wedding Party 2, and King of Boys.
In 2021, Netflix strengthened its ties with the local industry by signing a multi-film deal with Afolayan.
Despite these investments, Netflix is grappling with fierce competition and the growing financial pressures on Nigerian consumers.
As the market continues to evolve, the streaming service's long-term prospects in Nigeria remain uncertain.
Netflix entered the Nigerian market in 2016, initially licensing prominent local films. Since then, the company has invested over $23 million in the Nigerian film industry, backing over 250 titles, including notable productions like Lionheart, The Wedding Party 2, and King of Boys.
In 2021, Netflix strengthened its ties with the local industry by signing a multi-film deal with Afolayan.
Despite these investments, Netflix is grappling with fierce competition and the growing financial pressures on Nigerian consumers.
As the market continues to evolve, the streaming service's long-term prospects in Nigeria remain uncertain.
Netflix entered the Nigerian market in 2016, initially licensing prominent local films. Since then, the company has invested over $23 million in the Nigerian film industry, backing over 250 titles, including notable productions like Lionheart, The Wedding Party 2, and King of Boys.
In 2021, Netflix strengthened its ties with the local industry by signing a multi-film deal with Afolayan.
Despite these investments, Netflix is grappling with fierce competition and the growing financial pressures on Nigerian consumers.
As the market continues to evolve, the streaming service's long-term prospects in Nigeria remain uncertain.
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