Netflix has denied rumors that it’s exiting the Nigerian market. The speculation sparked widespread concern among Nigerian subscribers, but the streaming giant has reaffirmed its commitment to the country.
In a statement, a Netflix spokesperson said, “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience”.
This reassurance comes after reports emerged that Netflix was canceling several Nigerian film projects, sparking fears that the company was pulling out of the market.
Nigerian filmmaker Kunle Afolayan had claimed that Netflix canceled several films it had previously commissioned from Nigerian filmmakers, fueling speculation about the company’s intentions.
However, Afolayan did not explicitly state that Netflix was exiting the Nigerian market.
Despite the denial, there are concerns about Netflix’s long-term strategy in Nigeria. The company has struggled to capture a large share of the country’s competitive streaming market, dominated by more affordable services like Showmax.
With rising inflation and currency devaluation eroding consumer spending power, Netflix’s ability to maintain its position in the region could become increasingly challenging.
For now, Nigerian subscribers can breathe a sigh of relief. Netflix’s denial has put rumors of its exit to rest, and the company’s commitment to investing in Nigerian stories is a positive sign for the country’s film industry.
