After taking its website offline and removing its mobile app from the Apple and Android app stores, entertainment company IROKOtv is reportedly closing down.
However, a different report claims that the company has refuted shutdown claims.
IROKOtv's CEO, Jason Njoku, said that an ongoing migration was the reason why the company's services were unavailable. The idea is to change focus after ten years of operating on a software stack created for an African audience with particular broadband configuration needs.
In August 2020, the company disclosed that it would stop expanding into Africa and laid off 150 employees.
The startup had first placed 28% of its employees on unpaid leave in May 2020, which added to the challenges the then nine-year-old company faced.
In 2011, IROKOtv aimed to change the face of African entertainment by making Nollywood movies and TV shows available to a global audience. The African Netflix was a common moniker for the on-demand video network.
The platform grew and drew funding from both domestic and foreign investors, successfully raising $42 million in capital.