Netflix, a video streaming platform has announced a 40% increase in subscription prices in Nigeria, marking the second price hike this year.
This latest adjustment comes three months after a previous increase and reflects the company’s strategy to adjust pricing in response to local economic conditions and rising operational costs.
According to a statement on its website, Netflix explained, “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.”
Subscribers will be notified of the new rates via email one month before they take effect. Netflix advised users to ensure their account email addresses are correct to receive these notifications. Users can also compare current plans and pricing on their accounts and change plans at any time.
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 price hike comes amid Nigeria’s rising inflation and a cost of living crisis, which has put additional strain on household budgets. As a result, discretionary spending, such as streaming subscriptions, is being scrutinized more closely by consumers.
Earlier this year, Showmax, a service offered by Multichoice, also increased its subscription fees, leading to public outcry as subscribers voiced their frustration over the added financial burden.
Follow the Parallel Facts channel on WhatsApp: https://whatsapp.com/channel/0029VaCQSAoHgZWiDjR3Kn2E
