Jason Njoku, the CEO and founder of IrokoTV, has opened up about the hard lessons he learned while trying to build a streaming empire in Nigeria. In a personal write-up, Njoku revealed that despite all efforts, the business model simply didn’t work out the way he expected.

IrokoTV launched in 2011 and became one of the early digital platforms for Nollywood content. But behind the scenes, it was struggling. According to Jason Njoku, the company spent almost $100 million over ten years, trying to win over the Nigerian market. “Between the revenues we generated and the venture capital we raised ($35 million) over the first ten years, we easily spent $100 million trying to win,” he said.

Yet despite that massive investment, the platform barely stayed afloat. Njoku said they were in “full survival mode,” competing with global streaming giants like Netflix, Amazon, Showmax, and Iflix.

“The local market in Nigeria simply collapsed,” he shared. Even when the signs were clear, IrokoTV kept doubling down until most of the company’s money was gone. “Having burnt through most of the post-exit capital,” Njoku added, they finally stopped processing Naira payments in Nigeria.

In 2023, the company exited the Nigerian market, accepting that streaming wasn’t the right fit for Nollywood. “In hindsight, streaming wasn’t the winning model for Nollywood in Nigeria. Content, channels, and distribution were,” he wrote.

He also revealed that ROK Studios, the production arm of the company, was the real money-maker. With this knowledge, he believes IrokoTV could’ve reached the same conclusions by spending just $5–10 million instead of $100 million. “My lessons were expensive, and that’s why I am so consistent in telling founders not to over-raise,” Njoku concluded.

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