Streaming giant Netflix has again increased its subscription fees for Nigerian users, marking the second price adjustment within a three-month period. The Premium plan has experienced a substantial 40% surge, now costing ₦7,000 per month.
The Standard plan, popular among Nigerian subscribers, has also seen a price increase of 37.5%, from ₦4,000 to ₦5,500. Meanwhile, the Basic and Mobile plans have been raised by 21% and 83%, respectively, to ₦3,500 and ₦2,200.
Netflix previously adjusted its prices in April 2023, with the Premium plan increasing to ₦5,000 from ₦4,400 and the Standard plan rising to ₦4,000 from ₦3,600. The company attributed these adjustments to a global strategy aimed at accelerating revenue and earnings growth, while expanding content offerings.
The latest price hikes coincide with Nigeria’s escalating inflation rate, which has significantly impacted the cost of living. This development, coupled with Multichoice’s recent price increases, poses challenges for consumers seeking affordable home entertainment options.
Netflix has implemented similar price adjustments in other key markets, including the United States, United Kingdom, and France. To broaden its subscriber base and compete with rivals, the company has announced plans to introduce an ad-supported, lower-priced subscription tier. This strategy is a response to a challenging year that saw subscriber losses and intensified competition.
As the Nigerian entertainment industry continues to expand, Netflix’s pricing strategy will be crucial in determining its market position and ability to retain subscribers.
Note: There was a minor error in the original text regarding the percentage increase for the Mobile plan.
