By Calista Oyeoba / Posted December 16, 2024
Contrary to trending opinion in the creative arts industry that international pay-per-view subscription platform, Neflix, has left the Nigerian market, popular comedian and actor, Ayo Makun, aka ‘AY’, has clarified the position, saying the company is re-strategizing its operations to achieve equitable allocation of resources to cater for the whole gamut of engagement with actors and actresses.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
Netflix is a subscription-based streaming service that allows people to watch TV shows and movies on an internet-connected device. It offers a large selection of content in many genres and languages. New content is added every week from all over the world. The platform is very popular with the youth demographics as it offers different plans with varying features, such as ad-free viewing, the ability to download content, and the number of devices you can watch on at once. Its flexibility of engagement has endeared it to millions worldwide and a must-platform for creative arts stakeholders.
According to Makun, during a recent meeting with Netflix on his next project, where he sought their support, the company disclosed that they were not leaving Nigeria but developing new strategies to promote the business and ensure that all connected parties have mutually agreeable benefits from their streaming operations.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
“They never mentioned to me they were opting out of business in this part of the world”, said AY.
It will be recalled that renowned Nigerian filmmaker, Kunle Afolayan remarked publicly that Netflix has stopped commissioning Nigerian original films. This news sparked concerns about the streaming company’s commitment to the Nigerian market.
In an interview with ‘Nollywood-on-Radio’, the comedian stated that Netflix is not exiting the Nigeria market but it’s re-planning in order to achieve optimal financial benefits, noting that, despite a population of over 200 million citizens, Nigeria has barely 300,000 Netflix subscriptions.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
Makun highlight that Netflix is struggling in Nigeria as its financial investment has not yielded commensurate returns in relation to the operations.
“The truth is, if you are doing business in a particular region and you are not making money but spending much more than you’re making, you would want to re-strategise. That is what is going on with their system and structure,” he said.
The comedian said that Netflix’s spending in Nigeria has far exceeded its earnings, prompting the company to reassess its business model.
He pointed to the widespread practice of subscription sharing and low subscription rates as key factors contributing to Netflix’s challenges in the country.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
“For example, the subscription base for Netflix in a country that has a population of over 200 million people is just about 300,000. So, there is a leakage somewhere that needs to be corrected,” Makun noted.
He added that many Nigerians are sharing Netflix subscription over individual ones and this approach has allow multiple users to access a single account making it a more easy to access option.