Video streaming platform Netflix has announced a 40% increase in subscription prices in Nigeria, marking the second price hike this year. The latest adjustment follows a previous price hike implemented three months ago, reflecting the company’s ongoing strategy to adjust pricing in response to local economic conditions and rising operational costs.
On its website, Netflix stated, “As we continue to add more TV shows and movies and introduce new product features, our plans and prices may change. We also may adjust plans and pricing to respond to local market changes, such as changes to local taxes or inflation.”
Netflix also provided answers to several common questions about price changes, including how users will be notified via email one month before the new rate takes effect. If you don’t see the email, check to be sure your account email address is correct.
Users can compare current plans and pricing on their account and change plans at any time. Once a price update is announced, users will be subject to the new rates.
Netflix currently offers four plans: Mobile, Basic, Standard, and Premium.
The Mobile plan, which accommodates one user per device, will now cost ₦2,200, up 83% from ₦1,200.
The Basic plan has increased by 21% to ₦3,500 per month, up from ₦2,900.
The Standard subscription, which provides high-definition quality for viewing on two devices simultaneously, has risen by 37.5% from ₦4,000 to ₦5,000.
The Premium plan now costs ₦7,000 per month and includes Ultra HD quality on four devices simultaneously, along with download options on six devices.
This new price hike comes at a time when Nigeria is grappling with rising inflation and a cost of living crisis, straining household budgets across the country.
These economic challenges have made discretionary spending, such as streaming subscriptions to be scrutinised more by consumers.
Earlier this year, Showmax, a service provided by Multichoice, also increased its subscription fees, prompting a public outcry as subscribers voiced their frustration over the additional financial burden.
This trend of increasing costs in the entertainment sector underscores the broader economic pressures faced by Nigerians.
