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Netflix has announced a 40% increase in its subscription prices in Nigeria, marking the second price hike this year. This increase comes at a time when many Nigerians are facing rising inflation and a cost of living crisis, which could lead to a loss of subscribers for the streaming giant.
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Earlier this year, Showmax, another streaming service provided by Multichoice, also raised its prices, resulting in a significant loss of subscribers. As a result, many Nigerians are shifting towards free-to-air channels as they cope with economic pressures.
On its website, Netflix explained, “As we continue to add more TV shows and movies and introduce new product features, our plans and prices may change. We also may adjust plans and pricing to respond to local market changes, such as changes to local taxes or inflation.”
The latest price increase follows a previous hike implemented three months ago, reflecting Netflix’s strategy to adjust pricing in response to local economic conditions and rising operational costs.
Netflix offers four subscription plans in Nigeria: Mobile, Basic, Standard, and Premium. The Mobile plan, suitable for one user per device, will now cost ₦2,200, up 83% from ₦1,200. The Basic plan has increased by 21% to ₦3,500 per month, up from ₦2,900. The Standard plan, which allows high-definition streaming on two devices simultaneously, has risen by 37.5% from ₦4,000 to ₦5,000. The Premium plan now costs ₦7,000 per month, providing Ultra HD quality on four devices simultaneously, along with download options on six devices.
