In the midst of the Coronavirus panic across the world, something very significant was announced in the Nigerian media and entertainment industry. The global video streaming giant, Netflix made its formal entry into Africa’s largest film and entertainment industry.
Within a few hours after it made a post on its Nigerian Twitter handle, over 11,000 followers were added to the handle accentuating the positive brand equity Netflix has in Nigeria.
With over 167 million active (paying) subscribers in the world, Netflix has since ramped up its global ambition into peculiar markets and countries to further cement its global leadership.
To cement its arrival in Africa’s largest economy, Netflix paraded a retinue of A-list Nigerian actors, actresses and movie makers such as Ramsey Noah, Omoni Oboli, Richard Mofe-Damijo (RMD), Adesua Etomi, Kunle Afolayan; as its partners, a signal that Netflix will be investing in Nigerian originals to target subscribers in Nigeria.
For the media industry, the formal arrival of Netflix and its plans to radically-invest in local and African content would see us playing a significant role in the value-chain especially for brands, agencies and partners who are savvy enough to take advantage of this opportunity.
As a piece of advice, brands and players need to understand what Netflix is and what it is not. On the surface, it is a video streaming platform with a massive and fast-growing global audience footprint. However, Netflix is actually a TV network. Internet-enabled is just its enablers.
Despite its zero advertising policy, however, its strength and network in developing original content that is sticky and viral, it is glaring that brands have unique opportunities to be part of interesting stories that can connect to target audiences in unique ways.
If the coming of Netflix will change one thing, it is the way brands make themselves relevant in non-conventional ways and only brands that are open, collaborative and diverse that can cash-in on this goldmine.