Popular streaming platform Netflix went viral in early December after reports broke out of its alleged exit from Nigeria.
Hours after the reports broke out, Netflix cleared the air, stating that it remains firmly committed to its operations in Nigeria.
However, several Nigerians had appeared to have misinterpeted the rumoured exit to mean they would no longer have access to the streaming platform.
Netflix’s alleged exit from Nollywood
Netflix, which entered the Nigerian market in 2016, was said to have offered filmmakers and producers upfront contracts to create an entire season or two to produce original content.
Kunle Afolayan, while addressing Netflix’s exit at the 2024 Zuma Film Festival, revealed that unlike some of his colleagues, he was fortunate to have secured a third season for his hit series Anikulapo before the platform decided to stop commissioning new Nigerian originals.
Popular comedian and actor Bright Okpocha, aka Basketmouth, spoke on Arise TV and alleged that only 10% of the budget allocated for film production was used by producers, while they converted the remaining for personal use—thus making some projects look substandard.
How Much does Netflix pay for a movie?
While there are no public details of the exact amount the streaming platform pays Nigerian content creators, Investopedia disclosed that Netflix pays between $100 and $250 million to have the streaming rights for foreign movies.
Netflix and Nollywood going forward
The streaming platform dismissed reports of its exit from Nigeria and stated that it would continue to invest in Nigerian stories to delight its subscribers.
There are reports that Netflix is now buying the rights after filmmakers and producers are done with the production instead of providing money upfront for production.
Nollywood’s fate if Netflix exits Nigeria
From Genevieve Nnaji’s Lion Heart, which Netflix acquired, to Femi Adebayo’s Jagun Jagun and Seven Doors, Lateef Adedimeji’s Lisabi and Kunle Afolayan’s Anikulapo series, among others, Netflix has proven to be a stakeholder in the Nigerian movie industry.
Should Netflix decide to leave Nollywood, below is how it could impact the industry:
1. Content creators’ monetisation would be impacted
Whether Netflix pays upfront or not, the financial resources the streaming platform brings to the industry can’t be downplayed.
In addition to the content, Nigerian movies’ cinematography has improved, thanks to the resources now available to them through mediums like Netflix.
2. Audience reach would be limited
Legit.ng recalls reporting how Kunle Afolayan’s Anikulapo ranked No.1 globally on the streaming platform after its release.
Nigerian content on Netflix gained wider reach beyond the country’s shore, giving not just the producer and the movie recognition but also the actors.
3. Exposure for content creators
This is another advantage Nollywood could lose out on should Netflix decide to leave.
Through the American streaming platform, some Nigerian content creators have the opportunity to link up with their foreign counterparts.
While Netflix’s exit will be felt to some extent, Nollywood, which is recognised alongside Hollywood and Bollywood, has more chances of bouncing back as the streaming platform also has competitors like Disney Plus, Amazon Prime Video, Hulu, and Apple TV, who could be on the lookout for Nigerian content in the future.
Nollywood is also known to be adaptive and resilient. The movie industry has been through different phases over the years.
From the days of on-stage performances to home videos, cassettes, and compact Discs and the advent of free video-sharing platforms like YouTube, Nollywood has remained a force.
With the rise in Nigerian content, from thrillers to comedy and epic movies, Nollywood has shown it has much more to offer, which Netflix could also lose out on if it decides to exit the movie industry.
Controversy trails Lateef Adedimeji’s Lisabi
In other news via Legit, actor Lateef Adedimeji’s choice to have Niyi Akinmolayan direct Lisabi divided Nigerian netizens.
Several netizens voiced disappointment over Lateef’s collaboration with Akinmolayan owing to the latter’s stance on national issues.
Others also went as far as threatening to boycott the movie.
