In a big shock to many Nigerians, movie giant Netflix may have decided today that they have to leave the Nigerian market due to rising inflation, FX challenges, and low subscriber levels.
This makes it barely six years after Netflix penetrated the Nigerian market through Genevieve’s Lionheart movie. However, things have gotten worse for them as they can no longer pull in more subscribers due to the economic situation in the country.
A statement from an official reads, “We’re exiting the Nigerian market. We’ve lost too many paying subscribers, and the exchange rate of the naira against the American dollar also did not help us in any way.”
People were speculating about their exit after Prime Video left Nigeria, and there were too many cancellations of Nigerian originals from Netflix.
What will happen to the Nollywood industry? Seeing that Netflix came in six years ago to breathe life into the industry.
As at the time of this post, there has not been any official announcement yet from Netflix.
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