The first three months of this year, the Nigerian film “Love in Every Word,” produced and directed by Omoni Oboli, had over 20 million views on YouTube, similar to many Nollywood works.
It indicates a changing trend as Nigerians face one of the most severe economic crisis in decades following President Bola Tinubu’s removal of the local currency’s backing and the petrol subsidies that kept prices consistently low.
In the meanwhile, many customers have been turned off by the price increases made by streaming services, cable TV, and internet service providers.
Twice last year, Netflix raised its monthly membership rates from 4,400 naira ($4.50) to 7,000 naira ($4.50) for its premium plan. This is a significant amount in a nation where the World Bank estimates that more than half of the 230 million inhabitants live in poverty.
SBM Intelligence, a think tank based in Lagos, claims that many individuals are cutting back on their entertainment spending, including their cable and streaming subscriptions.
With an average of 50 films released each week, Nigeria’s Nollywood film industry is the second largest producer in the world, behind Bollywood in India.
Adeleke Adesola, a 31-year-old health worker from the southwest city of Ibadan, has shifted to viewing movies on YouTube due to its interactive features as well as its low prices.
Reading a comment that expresses my opinions on a scene or the film makes me happy. Additionally, since I can watch YouTube videos without paying a monthly subscription fee,” she said AFP.
Between April and September 2024, MultiChoice, Africa’s largest pay TV provider, reported losing about a quarter of a million members.
Netflix, the streaming giant, has reduced the number of new films it commissions in Nigeria, even though its memberships increased last year. The similar strategy and approach has been used by Prime Video as well.
Millions of people in the West African economic superpower now view movie tickets as a luxury, so both moviegoers and producers are turning to YouTube and other less expensive options.
Kazeem Adeoti, a filmmaker and co-founder of the iBAKATV YouTube Channel, claimed that there are now a lot more full-length films on YouTube.
According to him, a number of well-known celebrities have YouTube channels that they use to sell their films straight to viewers.
Though YouTube movies are cheaper, its revenue is influenced by a number of variables, including watch duration, audience participation, copyright ownership, and viewer geography.
Google West Africa spokeswoman Taiwo Kola-Ogunlade told AFP, “We see consistently high watch time… indicating strong audience interest in Nollywood content.”
“In addition to helping the creators, this longer viewing time increases YouTube’s ad revenue.”
Because there are no restrictions on the kinds of cameras that may be used, the quality of costumes, or the language mixes, YouTube has grown increasingly attractive to filmmakers, according to Seun Oloketuyi, a film producer and the creator of the Best of Nollywood (BON) awards. It has also been ranked as the most used social media application in Nigeria to see movies and series has grown significantly in the past decade.
If anything, Nigerians are the most active users of social media, spending more time there each day than anyone in any other nation.
“Movies produced for YouTube are substantially less expensive than those intended for theatres or digital streaming services,” Oloketuyi stated.
Although Netflix and Prime claim they have no plans to leave Nigeria, the conditions of contracts for Nigerian filmmakers have altered, and YouTube is now the main diaspora’s only option because Netflix’s screen rights to Nigerian films are now limited to African audiences.
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