Netflix, the international movie streaming giant, has reportedly exited the Nigerian movie market after eight years of operation.
The development was disclosed by renowned Nigerian filmmaker Kunle Afolayan during his speech at the 2024 Zuma Film Festival.
Although Netflix has yet to release an official statement, Afolayan, who has collaborated with the platform on several projects, confirmed the withdrawal, emphasizing that it was intentionally kept away from the public.
Netflix, which launched in Nigeria in 2016, has been a significant player in the local film industry, providing financial support for producing Nigerian content. However, according to Nollywood Wire, the platform officially exited the market in November 2024.
The report states that Netflix informed its frequent collaborators about its decision to scale back on acquiring Nigerian content. The reason for this withdrawal remains unclear, as Netflix has not provided any explanation or statement regarding the move.
The platform’s departure marks a significant shift in the Nigerian film industry, which has relied heavily on streaming services like Netflix for global visibility and funding.