Ask Nigeria Header Logo

Netflix invests N9bn in Nigeria film industry

Photo of author

By Okunloye Abiodun

Netflix hopes to boost local film industries with many of its investments.

At the second Nigeria Digital Content Regulation Conference, which took place in Lagos, Ms. Shola Sanni, Director of Public Policy for Sub-Saharan Africa at Netflix, stated that the global streaming service had invested nine billion naira in the Nigerian film industry from the year 2016 to 2022. Attendees at the two-day event included content creators, independent producers, Free-To-Air, Pay TV Operators, Telcos, other operators in the movie industry and stakeholders from local and foreign streaming platforms.

According to Sanni, this was accomplished by modifying the titles of locally produced films, boosting capacity within the industry, and developing infrastructure for the sector. She mentioned further that Netflix had made investments in over 200 locally licensed titles, original cinematic content that was co-produced and commissioned, and that Netflix had also co-produced certain films. As of the month of November 2022, she claims that Netflix provides access to 125 different movies and television series.

The company affirmed its love for Nigeria and other operational countries.

The Netflix officer assured that the company was spending heavily to ensure that all subscribers could access the same content at anytime, anywhere in the world. She explained that the company supports the Nigerian film industry because they love Nigeria and believe in it and wants to provide Nigerians and people across the world with the best possible entertainment. She added that they are ready to tell stories that will be interesting not only in Nigeria but also in the other 189 countries where Netflix is available.

Furthermore, Alh. Adedayo Thomas, the Executive Director of the National Film and Video Censors Board (NFVCB), stated in his welcome message that the conference was an opportunity to examine regulations in the film industry, with a particular emphasis on streaming services. Thomas explained that the purpose of the meeting, which began in 2021 and continued until 2022, was to bring equilibrium and fairness to the ecosystem, particularly in light of the upheaval caused by the digital era.

The conference aims to discuss regulations in the film industry.

Speaking on the purpose of why the conference came into existence, Thomas affirmed that the main goal of this conference is to establish a forum for an in-depth conversation to take place between the governing body, as represented by the regulator, and the Video-on-Demand (VOD) platforms. The over-the-top streamers are in charge of this, while the government works to supervise, moderate, monitor, and strike a balance within the digital phenomena for the benefit of all players.

As the transition from conventional to digital content consumption and the procedures of local and foreign Over-the-Top (OTT) streaming services continue to influence the growth of the local film industry in Nigeria, the local film industry in Nigeria will continue to decline. It is now more important than ever to organize the following year’s edition of this conference. The chief executive officer of the NFVCB praised the organization’s partners and sponsors, most notably NETFLIX, for extending their hand of partnership to the industry.

Nigeria National Arts Theatre is also undergoing a significant project.

Moreover, Prof. Sunday Ododo, General Manager /CEO of Nigeria’s National Arts Theatre, in his goodwill message, praised Thomas for his relentless pursuit of a greater public understanding of the industry’s efforts. According to Prof. Ododo, the National Theatre is currently undergoing a significant construction project costing over $100 million to transform it into a world-class exotic venue for performances and exhibitions. The construction has progressed to a substantial degree, and the facility is functional in significant measure. Between November 14 and November 18 of 2022, he stated, they will do a trial run.


Related Links

Netflix: Website

National Theatre, Nigeria: Website


The content on AskNigeria.com is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. AskNigeria.com accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.

Fact Checking Tool - Snopes.com

0 0 votes
Rate This Article
20 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
jdpumping
jdpumping
1 year ago

Netflix investment has really boost the Nollywood industry and films been churn out and patronage of this films has skyrocket because people enjoy having a platform on their phone where they can watch a movie on their phone anytime at their own time and comfort. and it has projected nollywood in good limelight.

Abusi
Abusi
1 year ago

I’m happy Nigerian films are making recognition in Netflix. I’m very sure Netflix will accrue the amount invested on Nigerian films in a short while. Our Nollywood is now being up to par in the delivery of their work and films.

Adeolastan
Adeolastan
1 year ago

This gesture from Netflix will really have good effect on the film industry in Nigeria because this is a private entity that generate billions of Naira to the country and also employ millions of the citizens.

SarahDiv
SarahDiv
1 year ago

Nigeria is a land filled with opportunities but with bad leadership. Netflix are willing to invests ₦9bn in Nigeria film industry because they love Nigeria and seeing opportunities that can be explore for profits.

Tonerol10
Tonerol10
1 year ago

Netflix hopes to boost local film industries with many of its investments. This project will really increase and make more money for for the local film in Nigeria

theApr
theApr
1 year ago

The nigerian film industry is evolving real good. Their development is quite commendable. The investment from netflix would really enhance more development. And we are all awaiting the positive yield.

Iyanu12345ogg
Iyanu12345ogg
1 year ago

It is a nice thing we are getting recognized with the way Nigerians stumble and subscribe on Netflix,
Its really going to yield profit in multiple folds. it is now the duty of the govt to make sure it favors the subscribers, nollywood industries and the country.

Kazeem1
Kazeem1
1 year ago

Creators, independent producers, FTA and Pay TV providers, telcos, other movie business operators, and representatives from domestic and international streaming services were among the attendees throughout the course of the two days.

Chibuzor
Chibuzor
1 year ago

We were able to pull this off by changing the names of locally made movies, expanding production, and building out the industry’s infrastructure.

Adesanyaj72
Adesanyaj72
1 year ago

The company was investing a lot of money to make sure that all of its users could get the same information at the same time and in the same place no matter where they were in the world.

Haykaylyon26
Haykaylyon26
1 year ago

It really nice to see our country movies is developing well that make netflix invest on Nigeria movies, this will be a great help for our movie to develop well with this investment. Which help to boost the local film industry

Nwachukwu Kingsley
Nwachukwu Kingsley
1 year ago

It is exciting to learn that they intend to write stories that will not just be interesting in Nigeria but also in the other 189 countries in which Netflix is offered.

Taiwoo
Taiwoo
1 year ago

Particularly in light of the upheaval produced by the digital era, the meeting’s objective was to provide harmony and fairness to the ecosystem. This was one of the main reasons why the meeting was held.

Godsewill Ifeanyi
Godsewill Ifeanyi
1 year ago

These services are managed by OTT providers, while the government attempts to regulate, moderate, and monitor the digital phenomenon for the good of all participants.

Hassan Isa
Hassan Isa
1 year ago

As a private sector company that brings in billions of Naira and provides jobs for millions of Nigerians, the film industry stands to benefit greatly from Netflix’s generous gift.

Ultra0711
Ultra0711
1 year ago

The fact that Nigerians are stumbling and subscribing to Netflix is a pleasant development that will undoubtedly increase our profits many times over. The government now has a responsibility to ensure that it benefits the nation, Nollywood, and the subscribers.

Christiana
Christiana
1 year ago

The film industry in Nigeria is making great strides forward. It’s encouraging to see how far they’ve come. Development would be greatly aided by Netflix’s financing. And now we’re all waiting for the results to turn out well.

Tolaniiii
Tolaniiii
1 year ago

Investment from Netflix has been a boon to the Nigerian film industry, leading to a rise in both production and viewership of Nollywood films. This is because moviegoers appreciate being able to stream their favorite films directly to their mobile devices whenever they want. in addition to successfully putting nollywood in the spotlight.

DimOla
DimOla
1 year ago

Nigeria is a good place for most investors can make their money fast. I believe Netflix must seen these opportunities coupled with the love for Nigeria has prompt them to invests #9billion in Nigeria film industry.

Remi1
Remi1
1 year ago

The local film industry in Nigeria will keep shrinking as the shift from traditional to digital content consumption and the policies of domestic and international Over-the-Top (OTT) streaming services continue to have an impact on it.