About four months since it hit 100,000 users, iROKOtv, “Africa’s Netflix” has reached half a million registered users in about six months of launch, according to a press release made available to TechLoy.
With users from over 178 countries across the world, iROKOtv’s largest markets are the US, UK, Canada and Germany, and the site reportedly has more viewers in London than in Lagos, even though it is headquartered in Lagos with offices in London and New York.
This makes sense since broadband services are readily available in these areas and there’s a huge number of Diasporan Nigerians in these countries. However, it is anticipated that as broadband penetration surges across Africa, the site will see considerable growth in traffic and users from across the continent.
“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”, said an excited Jason Njoku, CEO and Founder of iROKO Partners.
I asked Jason how many of these 500,000 subscribers are active, and he tells me that about 80% of its total registered users are active. This means that about 400,000 users actively log into the site on a monthly basis. And the site adds about 5,000 unique users daily.
That’s quite huge for a startup after six months of launch!
And one can only imagine the amount of revenues that iROKOtv would be making from next month when it introduces a subscription service where users would pay $5 per month to watch brand new, exclusive Nollywood movie releases.
If my calculations are anything to go by, and assuming that about 250,000 users subscribes to its premium movie service at $5 per month, iROKOtv would be grossing about $1.2 million in revenues monthly. In a year, the service would be grossing a whooping $15 million for its subscription service alone.
Little wonder why Tiger Global, a New York-based private equity and hedge fund run by an early investor in Facebook and Zynga, invested $8 million into iROKO Partners in April 2012.
With such staggering growth and revenue forecasts, one can only imagine what the story would be six months from now as iROKOtv explores its subscription service from July 1.
Yet, if iROKOtv could attract a critical mass Africa-based audience as well as a huge global audience; expand its video content offering to include African movies, TV shows and episodes; and generate revenues in the excess of $1 billion annually, there’s no reason why it can’t be the ‘Netflix of Africa’.
And that could easily make iROKO Partners the largest Internet company from Africa.