Netflix second price increase in months for subscribers in Nigeria

AFRICAN BUSINESS AND ECONOMYJuly 26, 2024 at 10:04 PM UTC

TLDR

Netflix raises subscription prices in Nigeria by up to 40%, with Premium plan now at ₦7,000 monthly.
Standard plan increases by 37.5% to ₦5,500, appealing to HD video quality enthusiasts.
Basic and Mobile plans also see price hikes as part of Netflix's cost management strategy.

Netflix has increased subscription prices in Nigeria for the second time in four months, following the last price adjustment in April. The latest price update on the platform’s website shows significant hikes across all plans.

The Premium subscription plan is now ₦7,000 ($4.40) monthly, up from ₦5,000 ($3.14), marking a 40% increase. The Standard plan, popular among Nigerian subscribers for its high-definition (HD) video quality and multi-screen viewing options, is now ₦5,500 ($3.46), up from ₦4,000 ($2.51), indicating a 37.5% rise.

The Basic subscription plan has increased by 21% from ₦2,900 ($1.82) to ₦3,500 ($2.20). The Mobile plan, the lowest subscription offering, is now ₦2,200 ($1.38), up from ₦1,600 ($1.01). These adjustments reflect Netflix's strategy to manage costs and potentially improve revenue in the Nigerian market.

Key Takeaways

The notice of Netflix’s price increase comes at a time when Nigerians are grappling with harsh economic conditions, causing prices of nearly every product and service in the country to rise. This situation has compelled individuals to prioritize essentials over luxuries. With the new price hikes, it is uncertain how many Nigerians may have to give up Netflix, as the rising subscription costs are gradually making entertainment unaffordable for many households.

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