Netflix has denied reports that it plans to leave the Nigerian market, insisting that it remains committed to investing in Nigerian stories.
The denial comes after rumors swirled following comments made by Nigerian filmmaker Kunle Afolayan.
Afolayan, speaking at the 2024 Zuma International Film Festival, revealed that Netflix had canceled several projects by Nigerian filmmakers.
“Three years ago, when we signed the three-film deal with Netflix, it was really exciting,” Afolayan said.
He added that, despite global success, Netflix seemed disappointed with the returns from 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 noted.
His comments sparked widespread speculation that Netflix might be pulling out of Nigeria.
Adding fuel to the fire, Amazon Prime exited Nigeria earlier this year, leaving many wondering if Netflix would follow.
However, Netflix has swiftly put those rumors to rest.
In a statement to TechCabal, a Netflix spokesperson said, “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience.”
The company did not comment on Afolayan’s claims about canceled projects.
Still, the comments have raised questions about Netflix’s strategy in Nigeria, especially as economic challenges persist.
With inflation and naira devaluation affecting consumer spending, many Nigerians are cutting back on non-essential expenses.
At ₦7,000 per month, Netflix remains a luxury for most Nigerians.
Meanwhile, more affordable services like Showmax continue to dominate the local streaming market.
Showmax, operated by Multichoice, offers plans that are easier on the wallet, making it a more accessible option for many Nigerians.
Netflix faces stiff competition in this environment, and its ability to stay competitive may be tested in the coming months.
Despite these challenges, Netflix’s commitment to Nigeria runs deep.
The streaming giant entered the Nigerian market in 2016, licensing high-profile local films to capture the audience’s attention.
Since then, it has invested over $23 million in Nigeria’s film industry.
This investment has resulted in more than 250 locally licensed titles, co-productions, and original projects.
Some of its most popular Nigerian titles include Lionheart, The Wedding Party 2, and King of Boys.
In 2020, Netflix signed a multi-title deal with Mo Abudu’s EbonyLife Productions, solidifying its presence in the country.
The following year, it expanded its partnership with Kunle Afolayan, commissioning three films, including an adaptation of Sefi Atta’s Swallow.
While Netflix’s efforts have boosted Nollywood’s global recognition, challenges remain.
Rising production costs and dwindling consumer purchasing power are significant hurdles.
Many industry insiders are now questioning whether Netflix will adjust its pricing or strategy to compete better in Nigeria.
Social media reactions to the rumors have been mixed, with some Nigerians expressing disappointment at the possibility of Netflix scaling back.
Others noted that local streaming platforms offer content that resonates more with Nigerian audiences.
