LAGOS, Nigeria – Netflix has refuted claims that it is exiting the Nigerian market, following reports fueled by filmmaker Kunle Afolayan’s remarks at the 2024 Zuma International Film Festival.
Mr Afolayan had suggested that Netflix cancelled several projects it had previously commissioned, sparking speculation about the streaming giant’s future in the country.
In a statement to The Trent on Wednesday, December 5, 2024, Netflix declared, “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience.”
Speculation and Market Concerns
The rumours were ignited by Afolayan’s comments about Netflix’s perceived dissatisfaction with the returns on Nigerian films, despite their global success.
“Three years ago, when we signed the three-film deal with Netflix, it was really exciting,” Afolayan said.
He added that while the second and third seasons of Anikulapo were already completed, other filmmakers who had signed deals around the same time saw their projects cancelled.
Although Afolayan did not explicitly state that Netflix was retreating from Nigeria, his remarks added to growing uncertainty around the streaming platform’s commitment to the country, especially after Amazon Prime exited the Nigerian market earlier this year following disappointing results.
Challenges in Nigeria’s Streaming Market
Netflix’s position in Nigeria has faced significant hurdles.
Priced at ₦7,000 ($4) per month, the service is viewed as a luxury in a market where inflation and currency devaluation have strained consumer spending power.
South African competitors, such as Showmax, have capitalised on affordability, offering lower-priced packages that appeal to a broader audience.
In addition to economic pressures, Netflix’s performance in Nigeria has been affected by stiff competition and shifting audience preferences.
A History of Investment in Nigeria
Netflix’s relationship with Nigeria began in 2016, when it started licensing high-profile local films.
Over the past eight years, the platform has invested more than $23 million in the country’s film industry, supporting over 250 locally licensed titles, co-productions, and original commissions.
Notable projects include Lionheart, The Wedding Party 2, and King of Boys, which garnered critical acclaim and helped elevate Nollywood’s global profile.
In 2020, Netflix signed multi-title deals with prominent producers such as Mo Abudu’s EbonyLife Productions.
The following year, it expanded its partnership with Afolayan, commissioning a three-film deal that included an adaptation of Sefi Atta’s Swallow.
Looking Ahead
Despite reaffirming its commitment to Nigeria, Netflix did not directly address Afolayan’s claims about canceled projects.
The situation has reignited conversations about the company’s long-term strategy in a market that remains both challenging and promising.
While Netflix has yet to replicate the success of its local competitors in terms of market penetration, its investment in high-quality Nigerian content continues to make it a key player in the region’s creative industry.
Whether the streaming giant can sustain its presence in the face of economic and competitive pressures remains to be seen.
