Netflix has announced a significant increase in its subscription prices in Nigeria, marking the second price hike within three months.
The streaming giant’s Premium Plan has risen by 40%, moving from N5,000 to N7,000 per month.
This adjustment follows an earlier increment in April, where the Premium Plan price was raised from N4,400 to N5,000.
According to Netflix’s updated pricing on their website, the Standard Plan, which is favored by many Nigerian subscribers for its HD quality and multi-screen viewing options, has been increased from N4,000 to N5,500—a 37.5% rise.
The Basic Plan saw a 21% increase, going from N2,900 to N3,500. The Mobile Plan experienced the steepest hike, surging by 83% from N1,200 to N2,200.
The latest adjustments follow a previous price hike in April, where the Premium Plan was increased from N4,400 to N5,000, and the Standard Plan went from N3,600 to N4,000.
During that period, the Basic Plan remained at N2,900. Netflix explained that these adjustments were part of a global strategy to periodically revise subscription fees to support content expansion and accelerate revenue growth.
The price increases come at a challenging time for Nigerian consumers, who are already dealing with high inflation and rising costs of living.
Essential commodities and services have seen significant price hikes, making home entertainment increasingly unaffordable for many households.
Netflix has been adjusting prices not just in Nigeria but also in key markets around the world. In October 2023, the company raised prices for its Basic and Premium plans in the United States, United Kingdom, and France.
These global price changes are part of Netflix’s broader strategy to sustain its growth and enhance its content offerings.
