Nigerians, especially those on the premium plan will pay more, as streaming giant, Netflix has increased its subscription prices. This marks the third time in less than a year that the company has adjusted its prices in the country.
The increment was revealed in an update on the company’s website recently. According to the update, the Premium Plan now costs N8,500 per month, up from N7,000, representing a 21.43% increase. This tier offers Ultra HD quality and allows access to multiple devices.
The Standard Plan, which supports HD streaming and two simultaneous screens, now costs N6,500, an 18.18% increase from the previous N5,500. The Basic Plan, which is limited to one screen and no HD, has increased by 14.29%, moving from N3,500 to N4,000. Netflix’s most affordable option, the Mobile Plan, has risen by 13.64%, jumping from N2,200 to N2,500.
When it raised prices in April 2024, the streaming giant said it 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.
“As we invest in and improve Netflix, we’ll occasionally ask our members to pay a little extra to reflect those improvements, which in turn helps drive the positive flywheel of additional investment to further improve and grow our service,” the company told investors in a shareholders’ note.
Netflix further explained on its website that price changes are made to respond to local market changes, such as changes to local taxes or inflation.
While Netflix has not directly linked the latest hike to Nigeria’s rising inflation, it did note that pricing decisions are influenced by local market factors, including taxes and inflation.
The recent change comes amid a tough economic climate in Nigeria, where high inflation has pushed up the cost of living, affecting food, fuel, and basic services. As more households rely on digital platforms for home entertainment, these recurring increases may stretch household budgets even further.
The situation is also being worsened by a 50% surge in data prices from telecommunications operators, making streaming less accessible for some users.