Business

IrokoTV set to layoff 150 staff

Online movie streaming platform IrokoTV is set to layoff 150 of its staff.

The company’s chief executive officer Jason Njoku disclosed this in an article published on his website that the move was necessitated by the devaluation of the naira; the effects of which the company has been suffering since 2016.

According to Njoku, the devaluation dropped the platform’s subscription costs from N3,000 ($18) in 2015 to N3,000 ($8.33) by 2017.

Currently, subscription to the platform costs $6.3 with a dollar equivalent to N477.

Njoku said amid the gloom in its African market, the company is experiencing growth internationally with the average revenue per user in the west between $25 and $30.

“Our annual ARPU internationally is $25-30. When people talk to me about Netflix and their impact globally, and then in Africa, I always smile. My response is the same. Globally, streaming media is booming. In Africa, it is regressing. It’s impacting everyone,” he said.

Njoku further said the amended broadcasting code by the National Broadcasting Commission (NBC) has “had a massive impact on the decision to discontinue investing” in Nigeria.

Part of the newly amended code mandates sub-licensing of hitherto exclusive content.

“Between the COVID-19 fallout, rapidly devaluing the currency and hostile regulatory environment, it’s time to pause the burn. It’s time to hunker down and see what the next 18 months bring,” he said.

“Over the next week, IROKO will be defocusing our Africa growth efforts and we will revert to focusing on higher ARPU customers in North America and Western Europe.

“Even after pushing incredibly hard in Africa for the last 5 years, our international business represents 80% of our revenue today, so by taking out Africa growth-related costs, we cut our $300k/month burn to <$50k/month.

“This will, unfortunately, lead to a pretty dramatic change in the size of our Africa teams. There will be around 150 job losses.

“We are still working on the numbers, and in order to soften the blow, we are speaking with a number of companies who have taken an interest in our highly trained telesales agents.”

Click to comment
News

Why I won’t wear gloves to lay hands on COVID-19 patients – Oyedepo

oyedepo

Presiding Bishop of Living Faith Church Worldwide aka Winners Chapel David Oyedepo has vowed to lay hands without wearing gloves on any COVID-19 patient brought to him for prayer.

Oyedepo while speaking at the church’s covenant hour of prayer on Saturday said he would do so because he was carrying “eternal life” and not “human life”.

“August is almost gone. We are in the 9th hour as it were, we are going to step into the 11th hour shortly: it is not late, you can connect.

“COVID-19 cannot be any reason why your own ‘breaking limit’ package will not be delivered. It’s not a tenable reason. No circumstance on earth will make the covenant of God of no effect.

“You can imagine...

Entertainment News

How Black panther star, Chadwick Boseman secretly got married before death

The late Black Panther star, Chadwick Boseman who got engaged to his long time girlfriend, Taylor Simone Ledward, in 2019 tied the knot in a private ceremony before his death.

Kemi Filani News recalls that the actor Chadwick Boseman passed away at his home in Los Angeles after a private four-year battle with colon cancer and his wife was at his bedside alongside close family.

Viral reports say the couple kept much of their early relationship secret, before allowing themselves to be pictured together at award ceremonies and red carpet premieres.

Their budding romance was first confirmed in 2015, when the pair were spotted together by paparazzi at Los Angeles International Airport.

...
News

Rescue boat stranded at sea with over 200 persons stuck

rescue boat

A rescue boat funded by British street artist Banksy, overloaded with migrants has issued urgent calls for help, saying it is stranded in the Mediterranean.

The Louise Michel, named after a French feminist anarchist, started operating last week. It is trying to find a safe port for the 219 migrants it has picked up off the coast of Libya since Thursday.

Reuters reports that the boat, manned by a crew of 10, issued a series of tweets overnight and on Saturday saying its situation was worsening, and appealing in vain for help from authorities in Italy, Malta and Germany.

“We are reaching a state of emergency. We need immediate assistance,” said one tweet, adding that it was also carrying a body bag containing the corpse of one migrant...

Most Popular

To Top