Netflix To Leave Nigeria After Six Years Over Worsening Economy – Report
Netflix has reportedly decided to abandon the Nigerian market due to the worsening economic situation of the country.
Officials at the major on-demand movies channel told The Gazette on Wednesday evening that the worsening economic situation under President Bola Tinubu made the decision inevitable.
“We’re exiting the Nigerian market,” an official said under anonymity, pending an official announcement.
“We’ve lost too many paying subscribers, and the exchange rate of naira against the American dollar also did not help us in any way.”
The development came barely six years after Netflix entered Africa’s largest economy with the production of Lionheart, which was touted as heralding a new era of high-quality cinema production in the country.
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The Nigerian Nollywood industry has cheerfully embraced Netflix since 2018, which helped spread Nigeria’s creative work to a global audience.
Although the company has also reported a downward trend in subscriptions in other markets, it has persevered until now, with Nigeria appearing to be the first major country to lose the premium entertainment the U.S.-based company offers.
Olamilekan Adigun is a graduate of Mass Communication with years of experience in journalism embedded in uncovering human interest stories. He also prioritises accuracy and factual reportage of issues.
