Ibaka TV, the online TV and streaming platform, has introduced a new system aimed at deepening the distribution of Nollywood movies.
Blessed Idomigie, the managing director and chief executive officer of the platform, announced the latest initiative at a recent media briefing.
Idomigie said the platform has come up with ways and technology which make it easier for customers to access movie downloads and streaming easily and cheaper.
“As of today for customers to access movies on movie platforms like ours, they need access to internet and they also need a subscription from us which is the online platform. We observed over time that a lot of customers find it difficult to stream movies because of the cost of content consumption,” he said.
“The issue is not the cost of subscription, but the cost of consuming the content. So for that reason, we have been having this conversation. One of the biggest challenges we found out is that Nollywood is called the biggest in the aspect of content generation but that has not translated into high revenue for the industry.
“Looking at the size of the market, it will surprise you to know that even the highest-grossing movie in the cinema, has not reached up to one percent of the Nigerian population and this is because of lack of market penetration.
“We took our time to know that until we have robust market penetration, the industry will not fare well enough in terms of revenue generation. We found out that the main reason Nollywood movies have not penetrated the market, is the cost of affording the content and that has to do with data consumption”.
He said the platform has partnered with Glo and MTN to provide cheaper data subscription rates so its customers can stream and download more movies at a low amount.
“So we came up with an innovation with partnership with Globacom and MTN. The innovation is the new product we have just launched into the market. If you get any of our subscription packages, the subscription comes with unlimited free data. Now the data that comes with our package, is the added value we are offering,” he added.
“We didn’t change our subscription packages, but we are adding more value to what we give our customer. Now the data we are offering customer does not have to go through any particularly designated hotspot to access it.
“Wherever they are in Nigeria as far as there is Glo network or Mtn, they can access it as far as they subscribe on our platform. Now this data is unrestricted meaning that they can use it to watch movies and as well surf the internet.
“They have 100 percent control over the data. This is the new initiative we are introducing into the market. We believe that this will drive more penetration into the Nollywood movie market.”
Ibaka TV also said as from the first to the second quarter of 2023, the platform will liaise with top filmmakers and producers like Kunle Afolayan to create original content that will make the cinemas as well as enrich our platform.
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