Filmmaker Kunle Afolayan initiated this discussion by claiming Netflix had ceased commissioning Nigerian productions, questioning the platform's commitment to the Nigerian market.
During a Nollywood on Radio interview, Mr. Makun clarified that Netflix is not abandoning Nigeria but is likely reassessing its approach in response to economic constraints.
“I had a meeting with Netflix recently and it was never mentioned to me that they are opting out of business in this part of the world,” Makun stated.
“At the last meeting, we discussed my next project and how they can be a part of it. I also do not want to believe strongly that they are leaving Nigeria.”
Makun observed that Netflix's challenges in Nigeria stem primarily from financial constraints. He stated that a company operating at a loss, spending significantly more than it earns, requires a strategic reassessment; this, he indicated, reflects Netflix's current situation.
He elaborated that Netflix's expenditures in Nigeria have greatly surpassed its income, leading the company to reconsider its business approach.
He identified widespread account sharing and low subscription rates as significant factors hindering Netflix's regional performance.
He observed that, for instance, a country with over 200 million inhabitants only boasts approximately 300,000 Netflix subscriptions, indicating a substantial deficiency requiring immediate attention.
A significant portion of the Nigerian population accesses Netflix through shared accounts rather than individual subscriptions. This issue, he stated, arises from the practice of account sharing among multiple users, a factor independent of the filmmakers' concerns.