Like many other Nollywood productions, the Nigerian filmmaker Omoni Oboli’s film “Love in Every Word” received over 20 million views on YouTube in the first three months of this year.
After President Bola Tinubu stopped providing gasoline subsidies that kept prices low all the way down and stopped support for the local currency, Nigerians are now facing one of the most difficult economic crises in decades.
While many clients are offended by the price-hiking spree that is currently taking place on streaming platforms, cable TV, and internet service providers.
In a nation where more than half of the 230 million people in poverty, the World Bank estimates that Netflix’s monthly subscription fees increased by two to 7, 000 naira ($4.50) from 4, 400 naira ($4.50) for its premium package.
According to Lagos-based think tank SBM Intelligence, many people are cutting back on their entertainment costs, including cable and streaming services.
Nigeria’s massive film industry, Nollywood, has an average weekly release of 50 movies, which is second only to Bollywood in the world.
Adeleke Adesola, a 31-year-old health worker from Ibadan’s southwest, has switched to watching movies on YouTube because of how much it costs and how it is interactive.
When I read a comment that discusses a scene or movie, I feel good. Additionally, she explained to AFP, “I don’t have to pay monthly subscription to access YouTube movies.”
MultiChoice, a pay TV provider in Africa, reported losing nearly a quarter of a million subscribers between April and September 2024.
Production reductions
Netflix, a streaming juggernaut, has cut back on commissioning new productions in Nigeria despite an increase in subscriptions last year.
Similar thinking has also been applied by Prime Video.
Consumers and filmmakers are turning to YouTube and other less expensive options as movie tickets are now viewed by millions in the west African economic powerhouse.
Kazeem Adeoti, a co-founder of the iBAKATV YouTube channel, reported a significant increase in the number of full-length movies available on the site.
He claimed that several of the best actors owned YouTube channels so they could directly sell their movies to viewers.
“less expensive” YouTube movies
YouTube’s revenue is affected by factors like watch time, viewer engagement, copyright ownership, and viewer’s location.
According to Taiwo Kola-Ogunlade, a spokesman for Google West Africa, “we consistently see high watch time,” which indicates a strong interest in Nollywood content.
“This increased watch time benefits the creators as well as increasing the YouTube ad revenue.”
Due to the lack of guidelines on the types of cameras used, the costumes used, or the language mixes, Seun Oloketuyi, the founder of the Best of Nollywood (BON) awards, claimed that because of this, YouTube had become more popular with filmmakers.
According to Oloketuyi, “Movies shot for YouTube are significantly less expensive than those shown in theaters or on digital streaming platforms.”
“It seems like a win-win situation for filmmakers because they can make good money while producing significantly less money while still keeping the rights to the movies.”
The contract terms for Nigerian filmmakers have now changed, despite the claims that Netflix and Prime have no intention of leaving the country.
