Netflix Dismisses Claims of Market Withdrawal from Nigeria

Netflix has denied reports of exiting the Nigerian market, reaffirming its commitment to investing in local content. The rumors stemmed from comments by Nigerian filmmaker Kunle Afolayan at the 2024 Zuma International Film Festival, where he mentioned canceled Netflix projects despite successful past collaborations with the Nigerian film industry. Afolayan’s remarks, combined with Amazon Prime’s 2024 exit from Nigeria, fueled speculation about Netflix’s retreat. In response, a Netflix spokesperson clarified that the platform remains invested in Nigerian stories but did not directly address claims of project cancellations. Since 2016, Netflix has invested over $23 million in Nigeria’s film industry, supporting over 250 titles, including Lionheart and King of Boys. However, inflation and currency devaluation have made Netflix’s $4 subscription fee inaccessible to many Nigerian consumers, limiting its market share.

SOURCE: TECH CABAL