14 June 2012. iROKOtv, the “Netflix of Africa” and the continent’s first legal online source of Nollywood films, is delighted to reveal that it has recorded over 500,000 registered users in less than six months since its launch. The news comes just months after the company announced that it had secured $8m in funding from US-based hedge Tiger Global, early investors in Facebook.
Headquartered in Lagos, Nigeria and with offices in London and New York and a staff of almost 100, iROKOtv has been groundbreaking in bringing Nollywood to the African Diaspora, with viewers logging on from over 178 countries across the world. To date, over 9.3 million hours of Nollywood movies have been watched on irokotv.com.
Jason Njoku, CEO and Founder of iROKO Partners says: “What an incredible six months it has been for iROKOtv – 500,000 subscribers in under 6 months is an awesome feat for us. We are a relatively young start-up and are super excited to have built up such momentum in such a short space of time.
“The secret of our success to-date is pretty simple; we love what we do, we love Nollywood movies and so do our 500,000 registered subscribers. Content is king and we are unrivalled in what we can offer from our 5,000-strong movie library. The iROKOtv team uploads movies onto the site every single week, so our fans, who we know have a voracious appetite for all things Nollywood, have a constant stream of awesome content at their fingertips.
“Nollywood is a global phenomenon – our fans are scattered all over the world and had previously struggled to get hold of any movies. The iROKOtv platform enables them to watch classic and new films, on a safe, easy to use, beautifully designed site, whether they are on a computer, tablet or on their mobile phone – anywhere in the world. Nollywood has never been so accessible and this is only the beginning for us.”
iROKOtv’s largest markets are the US, UK, Canada and Germany – the site currently has more viewers in London than in Lagos. The West now has a reliable outlet to access Nollywood movies. However, as Africa comes online and broadband penetration surges, it is expected that the site will see considerable growth in traffic from across the continent, which will position iROKOtv as one of the leading sites for aggregating the African Diaspora.
As of 1 July 2012, iROKOtv is introducing a subscription service, where viewers will retain free access to the current catalogue of Nollywood films, but will also be able to watch brand new, exclusive Nollywood releases, uploaded weekly, for only $5 per month.
Launched in December 2011, iROKOtv is a subsidiary of iROKO Partners, Africa’s largest, legitimate distributor of Nigerian film and music entertainment with key partnerships with the likes of Facebook; iROKOtv viewers can login via their Facebook account, and is YouTube’s largest African partner. iROKO Partners is expected to increase its viewers to over 250 million in 2012 across its brands iROKOtv, iROKING (the “Spotify of Africa”), Nollywood Love and iROKtv, Africa’s answer to “E!”.
In April 2012 Tiger Global, a New York-based private equity and hedge fund run by an early investor in Facebook and Zynga, led two $4 million rounds of investment into iROKO Partners, in one of the largest ever fundraisings into a West African tech firm. The funding will continue to be used to build iROKOtv’s library and to continue working directly with Nollywood production houses to buy the higher prices for the online licenses to Nollywood films which enables them to better monetize their content and to reinvest in making more, higher quality productions.
In May 2012, iROKOtv announced that from 1 July 2012, subscribers across the world will have exclusive access to brand new and exclusive Nollywood releases, uploaded weekly for $5 per month and payable by SMS, PayPal or card.
For additional Information Contact
iROKO Partners firstname.lastname@example.org
Jessica Hope +44 203 176 2808
Pelham Bell Pottinger +44 20 7861 3925