Netflix Hikes Subscription Fees in Nigeria for the Second Time in 2024
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Netflix has raised its subscription prices in Nigeria by at least 40%, marking the second price hike in three months. The company attributed the increase to the addition of more content, new product features, and adjustments in response to local market changes, including taxes and inflation.
The new pricing includes significant increases across all plans, with the mobile plan now costing ₦2,200, the basic plan ₦3,500, the standard plan ₦5,000, and the premium plan ₦7,000 per month.
Despite Nigeria’s large population, it accounts for only 10.5% of Netflix’s total subscribers in Africa, according to Omdia Research.
Netflix has been adjusting its prices not only in Nigeria but also in other international markets such as the United States, the United Kingdom, and France.
These changes reflect the company’s strategy to balance its offerings with the costs of operation and local economic conditions.
The recent price hike in Nigeria comes amid rising inflation and a cost of living crisis, affecting many consumers. This follows similar moves by other streaming platforms, such as Showmax, which faced public backlash earlier in the year for increasing its subscription fees.
The adjustments in pricing by Netflix and other platforms highlight the broader economic challenges and the impact on consumers’ entertainment budgets.