Netflix and Amazon left Nollywood because of Naira devaluation – Filmmaker, Niyi Akinmolayan

Netflix and Amazon left Nollywood because of Naira devaluation â€" Filmmaker, Niyi Akinmolayan

Nollywood filmmaker, Niyi Akinmolayan, has attributed the exit of international movie streamers such as Netflix and Amazon from the Nigerian market to the devaluation of the naira.

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 abolish the fuel subsidy and unify multiple foreign exchange rates under the Importer and Exporter (I&E) window, the naira experienced a sharp depreciation. Akinmolayan believes this move is a key reason international platforms pulled out.

“When the big streamers pulled outâ€"Netflix, Amazonâ€"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.