Global streaming powerhouse Netflix has reportedly pulled out of the Nigerian market, marking the end of an eight-year run in Africa's most populous country. The platform revolutionized entertainment consumption in Nigeria, offering a mix of thrilling Nollywood originals and Hollywood blockbusters.

Since its entry into the Nigerian market, Netflix has become a significant player in the country's creative industry, funding numerous local productions and providing a global stage for Nollywood. Recent years have witnessed hugely successful Nigerian Netflix originals, such as Anikulapo, Blood Sisters, Far From Home, Shanty Town, and King of Boys, which have gained massive popularity globally.

According to Nollywood Wire, Netflix officially exited Nigeria in November 2024, halting the financial backing it once provided for Nigerian content creation. While the news has been quietly circulating among major Nollywood stakeholders, the platform has yet to issue an official statement, leaving many unanswered questions about the reasons behind the decision.

Renowned Nigerian filmmaker Kunle Afolayan, known for his collaborations with Netflix, confirmed at the 2024 Zuma Film Festival that the streaming platform has ceased commissioning new Nigerian originals. Afolayan noted that, unlike many of his peers, he was fortunate to secure a third season for his acclaimed series Aníkúlápó before this decision was made.

The move may not be unrelated to profitability challenges. While Netflix has reported a downward trend in subscriptions in other markets, it has managed to persevere until now. The departure of Netflix raises concerns about the future of streaming in Nigeria and the support for homegrown content that the platform championed.

Netflix's influence extends beyond mere entertainment and also has a significant economic impact. Since entering key countries in sub-Saharan Africa (SSA), Netflix has been contributing across economic sector value chains within and adjacent to the cultural and creative industries and stakeholder ecosystems. From 2016 through 2022, Netflix has invested $175 million in content and in the local creative ecosystems in South Africa, Kenya, and Nigeria combined, according to its impact report.

In Nigeria, over USD 23 million has been invested since 2016 in over 250 local licensed titles, co-produced and commissioned film content. Netflix's investments have contributed $39 million towards GDP, $34 million towards household income, and $2.6 million towards tax revenue. In total, 5,140 jobs were supported throughout the economy.

The departure of Netflix from Nigeria will undoubtedly have a significant impact on the country's creative industry, particularly Nollywood. The future of streaming in Nigeria remains uncertain, and the support for homegrown content that Netflix championed is now in jeopardy. As audiences and creators alike come to terms with this development, the impact on Nollywood's global momentum remains to be seen.

While Netflix's exit from Nigeria is a significant blow to the country's creative industry, it also presents an opportunity for local players to step up and fill the void. The future of streaming in Nigeria is uncertain, but one thing is clear – the impact of Netflix's departure will be felt for years to come.