Since its entry into Africa in 2016, video streaming giant Netflix has invested a total of over $23 million in Nigerian’s film production and creating over 12,000 jobs.
Local content production has taken center stage in Africa’s film industry, a trend that has drawn attention from international players like US-based video streaming giant Netflix, which has seen the potential and is investing heavily in the thriving entertainment sector.
This information was provided by Netflix in its most recent socioeconomic impact report, which focused on the continent’s three largest markets—Nigeria, South Africa, and Kenya. Netflix claimed to have spent a total of $175 million in the three nations between 2016 and 2022 on local creative ecosystems and content.
The film industry in Africa is currently experiencing rapid growth, and local content is becoming more and more well-liked on a global scale. A total of 1.4 billion people live on the 54-country continent of Africa, which generates a combined Gross Domestic Product (GDP) of $3.1 trillion.
Netflix Investments in Nigeria
Anikulapo, which quickly rose to the top-performing Netflix film in Nigeria after less than two weeks of release, is one of the Nigerian films that Netflix claims to have invested in. Blood Sisters, Far From Home, Shanty Town, and King of Boys are some other well-liked Netflix originals from Nigeria.
The over US$ 23 million investment has significantly impacted the Nigerian economy, supporting 5,140 jobs across the board and adding US$ 39 million to GDP, US$ 34 million to household income, and US$ 2.6 million to tax revenue.
Impacts of the investments
Netflix emphasized the financial effects of the investments made in Nigerian films,they said;
- “Our investment of over USD 23 million has had significant impacts on the Nigerian economy.
- “Through direct, indirect, and expenditure impacts across the economy, our investments have contributed USD 39 million towards GDP, USD 34 million towards household income, and USD 2.6 million towards tax revenue.
- “A total of 5,140 jobs throughout the economy were supported.”
In order to lower the cost of admission and increase access for underprivileged students, Netflix also gave direct grants to film schools. Netflix also contributed $500,000 to the Film and Television Relief Fund, which helped short-term workers below the line who were unable to make a living due to the COVID-19 pandemic. The fund gave money to Terra Kulture, a center for arts and culture in Lagos.
Additionally, the business supported academic training and Terra Kulture’s various artistic and cultural projects. Finally, Netflix offered ten aspiring film editors a ten-week post-production training workshop at the KAP Film and Television Academy, following which they were awarded certificates from both KAP and the USC School of Cinematic Arts.
With more than 222 million subscribers in 190 countries, Netflix is one of the most popular video streaming services in the world. The business, however, faced fierce competition from rival streaming services like Disney, Apple TV, and HBO Max, which resulted in a decline in subscribers in the first quarter of last year.
Conclusion
If this post “Netflix spent over $23 million in Nigerian films” was useful to you in any way, please do well to subscribe for more updates and share to anyone else who might find it useful. Remember to get the app here. Also, keep checking our website for more related posts and follow us via our social media handles to get first-hand updates! Facebook || Twitter || Telegram || Pinterest || Instagram.
Disclaimer
This Article is only for educational purposes, for imparting knowledge and to keep you safe. We won’t be liable for any misuse or misinterpretation this article might be used for. All articles on this website including this, are for educational purposes only. Get more information here.
