Netflix Dismisses Nigerian Market Exit Rumors

By Fasuyi Tolulope Samuel

Netflix has denied rumors about its exit from Nigeria despite reports from multiple publications suggesting otherwise. The streaming giant insists it remains committed to the Nigerian market and plans to continue investing in local content.

The speculation was triggered by comments from Nigerian filmmaker Kunle Afolayan at the 2024 Zuma International Film Festival.

Afolayan revealed that several commissioned films had been canceled, raising questions about Netflix’s future in the country. “Three years ago, when we signed the three-film deal with Netflix, it was really exciting,” Afolayan said.

Despite the global success of these films, Netflix appeared dissatisfied with their performance 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.

“While Afolayan did not explicitly state that Netflix is exiting the Nigerian market, his remarks have fueled concerns about the platform’s long-term plans.

These concerns are heightened by Amazon Prime’s exit from Nigeria in January 2024, following a year of heavy marketing and local content production.

In response to the rumors, a Netflix spokesperson told TechCabal, “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience.”

However, the company has yet to comment on Afolayan’s claims about canceled projects.The uncertainty comes amid rising inflation and currency devaluation in Nigeria, which have weakened consumer spending power.

At ₦7,000 ($4) per month, Netflix is considered a luxury compared to competitors like Showmax, which offers more affordable options. This pricing gap poses a challenge for Netflix in capturing a significant share of Nigeria’s competitive streaming market.

Netflix’s involvement in Nigeria dates back to 2016, with over $23 million invested in the local film industry and more than 250 licensed titles, co-productions, and originals. High-profile projects include Lionheart, The Wedding Party 2, and King of Boys.

In 2020, Netflix inked multi-title deals with Mo Abudu’s EbonyLife Productions and expanded its partnership with Afolayan in 2021 for three more films, including Swallow, adapted from Sefi Atta’s novel.

Despite the speculation, Netflix’s reaffirmation of its commitment signals that its Nigerian adventure is far from over, although challenges remain.