Filmmaker Kunle Afolayan said the sharp depreciation of the naira against the US dollar is the main reason many local producers are increasingly releasing their films on YouTube.
Speaking in a recent interview, Afolayan explained that the current exchange rate of around ₦1,400 to $1 makes the platform highly attractive because even moderate view counts can generate significant revenue in local currency.
“Nigerian filmmakers are rushing to YouTube because of the dollar exchange rate. At N1,400 to $1, they celebrate 1 million views because it can bring in about $10,000. But if the dollar falls to N200, everyone will run away from YouTube,” Afolayan said.
He argued that the financial returns from the video-sharing site currently outweigh traditional distribution channels for many in the industry. The filmmaker noted that if the naira were to strengthen substantially, the incentive to prioritise YouTube would largely disappear.
Afolayan has previously been outspoken about the commercial realities of Nigerian filmmaking, including comments on cinema earnings and promotional tactics used by some of his colleagues.
