Key highlight
- Netflix said it has invested over $23 million in the Nigerian film industry in the last seven years.
- The company said the investments supported a total of 5,140 jobs in Nigeria.
- A total of $175 million was invested in content and in the local creative ecosystems in Nigeria, South Africa, and Kenya combined.
Video streaming company, Netflix, said it has invested over $23 million in producing Nigerian movies since 2016 when it entered the country.
This amount was invested in over 250 local licensed titles and co-produced and commissioned film content.
Netflix disclosed this in its latest ‘Socio-economic Impact’ focusing specifically on its major markets in Africa, which include Nigeria, South Africa, and Kenya. In the 3 countries, Netflix said it had invested a combined $175 million in content and the local creative ecosystems between 2016 and 2022.
Some of the Nigerian movies invested in, according to Netflix, include Anikulapo which became Netflix’s top-performing film in Nigeria within less than two weeks of its release. Other popular Nigerian Netflix productions include Blood Sisters, Far From Home, Shanty Town, and King of Boys.
Impacts of investments
Highlighting the economic impacts of the investments made in Nigerian movies, Netflix 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 addition to our upfront investment in productions and the ongoing training we provide throughout these, we have spearheaded various initiatives aimed at developing the industry in Nigeria. A few examples include Netflix Fund for Creative Equity in collaboration with the Nigerian Film Corporation, through which funding was provided to five universities and film schools in West Africa, covering full tuition and living costs for students.
- “We provided 52 scholarships to up-and-coming creative talent from four West African countries: Benin Republic, Gabon, Ghana, and Nigeria. Netflix provided direct grants to film schools in order for them to reduce the cost of admissions and improve access for underprivileged students. Total disbursement of USD 500,000 towards the Film and Television Relief Fund that provided short-term relief to below-the-line workers (technical crew) who were unable to earn a living during the COVID-19 pandemic.
- “This disbursement included a donation to Terra Kulture, an arts and culture centre in Lagos. Terra Kulture also received Netflix funding in October 2022 to support academic training and promotion of the centre’s various artistic and cultural projects,” the company stated.
Building on the milestones
Commenting on the impact report, Director of Public Policy, sub-Saharan Africa Netflix, Shola Sanni, said the company was excited about the next few years of its business in SSA and intends to build on the milestones to grow its business – even as it continues to invest to bolster local creative economies and give more and more African storytellers an amplified voice on the global stage.
- “However, we realize that Netflix cannot go at it alone. There is an urgent need for governments, civil society, the private sector, and industry, to work together, to curate the right set of circumstances that enable businesses like ours to continue to thrive – so that we can keep delivering on the promise of jobs, capacity development, and screen sector growth,” she said.
Sanni added that enabling policy frameworks, flexible regulatory mandates, and ease of doing business are essential to sustaining the growth of the audio-visual sector and streaming services. She said the business of film requires being taken seriously, adding that the importance of getting right the policy, regulatory, and legislative infrastructures that support Film and TV, cannot be overemphasized.
