All the news is about how Amazon has exited Africa and its doom and gloom because you know foreign exchange issues, and lower income majority market, and low internet penetration and questionable films that don’t travel and all of that.
But they forget to mention that yes Showmaxas a streamer may not be making a profit, but it is racking up the audience as well as attracting the attention of the global media elite with Peacocks investment and integrated tech platform. As at end of last year, Showmax reportedly was leading the streaming wars on the continent. But did it mean Netflix was leaving. How can?
Per Ventures Africa: In its Q4 2023 report, Netflix stated that it has added 13.12 million new subscribers and met its key financial objectives for the year. Middle East, and Africa region contributed 5.05 million subscribers, bringing its total subscribers to 260 million. On average, analysts expected Netflix to report about 8.8 million net new subscribers globally for the year-end quarter.
We particularly like the end line for that article: Netflix has undergone a lot of changes to keep its edge in an increasingly competitive market, and it has no intention of stopping with the number of SVoD subscriptions in Africa expected to reach 18 million by 2029.
Please everybody, let’s focus. Those who have eyes can see the market clearly.