Netflix, the video streaming platform, has increased its subscription prices in Nigeria once again, with the Premium Plan rising by 40% from N5,000 to N7,000 per month.
This marks the second price adjustment by Netflix within the past three months, following a previous increase in April.
According to the price update on the company’s website, the Standard plan subscription, which is popular among Nigerian subscribers for its HD quality and multi-screen viewing options, has been increased from N4,000 to N5,500. This represents a 37.5% increment.
Netflix’s Basic plan, which was N2,900 has been jerked up by 21% to N3,500, while the lowest subscription plan, Mobile, has gone up by 83% from N1,200 to N2,200.
April increment
Earlier in April, the streaming giant announced an increment that saw its Premium Plan price moved to N5,000 from N4,400. At the same time, the Standard Plan was increased from N3,600 to N4,000, while the Basic Plan remained unchanged at N2,900.
At the time, Netflix said the price adjustment was part of a broader strategy to revise its subscription fees across various regions.
The changes, according to the company, were aimed at accelerating its revenue and earnings growth, following a pattern of periodic price hikes to support the expansion of content offerings.
What you should know
The Netflix price increment comes amid high inflation in Nigeria that has pushed up prices of every product and service being offered in the country.
While Nigerians grapple with skyrocketing food prices, home entertainment is becoming out of reach for many households as a result of price increases.
Meanwhile, Netflix has been adjusting prices in key markets globally, including the United States, United Kingdom, and France, with the Basic and Premium plans experiencing increases in October 2023.
