The Nigerian film distributor is feeling the impact of the COVID-19 health crisis and the devaluation of the Nigerian currency and is taking new measures for the future of its activities.
According to Jason Njoku, CEO of IROKO, the economic difficulties facing Nigeria require the company to redefine its objectives for the coming months. To cope with the various losses, the CEO wants to focus on the American and European markets, which account for 80% of the company's revenue, and reduce its investments on the African continent. In addition, IROKO is expected to lay off 150 staff members.
It should be noted that CANAL+ acquired Iroko's content business in 2019 to strengthen its publishing and production activities in Nigeria, one of the world's most dynamic film industries, with TV channels under the ROK brand and the production of Nollywood films and series (300 films and 20 series per year).
This activity, now completely disconnected from the SVOD (distribution) business, which is currently struggling, has been integrated into Thema and continues to grow.