Streaming platform, Netflix has again raised its subscription rates in Nigeria, with the Premium Plan now costing ₦7,000 per month — a 40% increase from the previous ₦5,000.
This price change, effective immediately, is the second adjustment in just three months, pointing to the company’s need to align with its revenue growth objectives.
The Standard Plan, offering HD quality and allowing simultaneous viewing on multiple devices, now costs ₦5,500, a 37.5% rise from ₦4,000. Meanwhile, the Basic Plan has increased from ₦2,900 to ₦3,500, and the Mobile Plan, which was initially ₦1,200, has jumped to ₦2,200, representing an 83% increase.
This can be ascribed to inflationary issues in Nigeria, which have affected consumer affordability. These changes are part of a global pattern where Netflix adjusts its fees in key markets, including the United States, United Kingdom, and France, to sustain its investment in a diverse range of content offerings.
The company aims to enhance its competitive edge as the streaming industry becomes increasingly crowded with alternatives.
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In addition to price hikes, Netflix is exploring more economical subscription models to encourage a wider audience. The “Basic with Ads” plan, introduced in various countries, provides a lower-cost option for subscribers willing to view advertisements.
This also comes after Netflix faced subscriber losses and growing competition, prompting a reevaluation of its service offerings to maintain market share and attract new customers.
The Nigerian entertainment market remains a huge focus for Netflix. Despite the challenges caused by inflation, the company is still working to strengthen its foothold in the region.
This includes a commitment to investing in local content and partnerships, ensuring that it continues to interest Nigerian audiences even as prices rise.
Netflix is also working to balance the need for financial sustainability with consumer expectations in the global market.
