By Ayo Onikoyi
Online movie streaming platform, IBAKATV, has introduced a new system of movie distribution and a unique experience in movie downloads and streaming, aimed at deepening the distribution of Nollywood movies in Nigeria.
Addressing the media last week, the Managing Director and Chief Executive Officer of IBAKATV, Mr. Blessed Idornigie said the platform has come up with ways through the use of technology to make it easier for customers to access, download and stream movies easily .
Mr. Idomigie said “As of today, for customers to access movies on OTT Streaming platforms like ours, they need to subscribe for internet data from any of the internet service providers 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. 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 due to low market affordability of the cost of the content and that has to do with data consumption”.
Continuing, he added, “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 subscribe for any of our subscription packages, the subscription comes with access to watch premium movies and unrestricted free data. Now the data that comes with our package is the added value we are offering. We didn’t change our subscription packages, but we are adding more value to what we give our customers. Now the data we are offering customers does not have to go through any particular designated hotspot to access it. Wherever they are in Nigeria as far as there is Glo network or Mtn, they can access it as long as they subscribe on our platform.