Ever wondered why you hardly see Netflix, Amazon and other world known streamers in the Nigerian film Market? Well Niyi Akinmolayan has got the answer
The renowned filmmaker has revealed that the current devaluation of the Naira has led to these giant streamers’ exit from Nollywood
Speaking as a guest on Channels Television’s Youth Forum, themed Pressing Issues Affecting Nigeria’s Youth, Akinmolayan explained that the current economic policies have made the Nigerian market less attractive to major streaming platforms
Following President Bola Tinubu’s decision to eliminate fuel subsidies and unify multiple foreign exchange rates under the Importer and Exporter (I&E) window, the naira fell sharply. Akinmolayan believes that this move is a major reason why international platforms withdrew.
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When the big streamers pulled out—Netflix, Amazon—we, the filmmakers, just woke up to emails and were shocked,” he said.
“These aren’t just random companies. The government taxes them. So how is it possible that the government wasn’t even aware of these changes?
Their exit drastically changed how we now approach production
Akinmolayan added that filmmakers used to count on revenue from streaming platforms, but that income stream has vanished.
“The reason they left is largely because of the naira devaluation.
It no longer made financial sense for them to continue paying licensing fees at the previous scale.
And sadly, the government didn’t do anything to cushion the impact.”
He also expressed frustration that the government has not engaged with industry creators to understand their needs or offer support for sustainable growth.
The Nollywood industry is one that have survived with little or no support from the government
And this exit from giant streamers like Netflix and Amazon from Nigeria is another low blow and a wake up call that Nollywood is on their own.