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Prior to the outbreak of Covid-19 pandemic and the attendant lockdown that grounded activities in all spheres of life globally, the Nigerian film industry christened ‘Nollywood’ was gradually overcoming the hydra-headed problem of piracy through revival of cinema culture. This is evidenced in reversal to exhibition in cinema halls like celluloid film days before the production into home videos. Closely aligned to this is the evolution of digital streaming platforms (DSP) to checkmate activities of fraudulent marketers and distributors. However, these new strategies of exhibition, distribution and marketing that is making filmmakers to smile to the bank was disrupted by the sudden shutdown of economic activities to stem the tidal wave of corona virus ravaging the world. Subsequently, to mitigate the spread of the pandemic which has had devastating effects on arts, culture and entertainment sector including the film industry lockdown (otherwise known as sit-at-home policy) was introduced. This was characterized in truncating of film sets, and postponement of ongoing and planned shoots with attendant financial losses. Despite these setbacks, Covid-19 also presented opportunities for the filmmakers to channel their creativity to alternative sources of production, distribution and exhibition. These are typified in film production targeted at online distribution and exhibition. This article examines the adversities and opportunities induced by the Covid-19, using documentary method of data collection and globalisation as theoretical framework. Among other findings, downturn of return on investment (ROI) for filmmakers during the lockdown forced them to intensify the usage of DSP that commenced before the pandemic for distribution and exhibition as the appetite of Nigerian DSP subscribers surges.