Netflix, the world’s largest paid video streaming service, has raised the price of its monthly subscription packages for Nigerian users, the second time the company is updating its pricing in 2024.
The premium plan, which offers an ultra-high-definition picture and four screens, will now cost ₦7,000 ($4.40), up from ₦5,000 ($3.14), according to a notification sent to customers seen by TechCabal. The standard plan has also increased from ₦4,000 ($2.51) to ₦5,500 ($3.46). The mobile plan now costs ₦2,200 ($1.38), while the basic plan will now cost ₦3,500 ($2.20). The review is in response to the naira devaluation.
US users pay $15.49 for the standard plan and $22.99 for the premium plan, respectively. UK users pay £10.99 for the standard plan and £17.99 for the premium plan.
Netflix didn’t immediately respond to a request for comments.
The streaming giant last reviewed prices for Nigerian users in April 2024. The standard plan rose from ₦3,600 ($2.26) to ₦4,000 ($2.51). While the basic plan remained at ₦2,900 ($1.82), the premium plan was hiked to ₦5,000 ($3.14) from ₦4,400 ($2.76), and the mobile plan was increased from ₦1,600 ($1.01) from ₦1,200 ($0.75).
At the time, Netflix cited a broader strategy to revise its subscription fees across various regions. In the past year, Netflix has adjusted prices in its key markets, including the United States, the United Kingdom, and France.
The new increase comes as Nigeria grapples with rising inflation and a cost of living crisis. With declining spending power and a shrinking middle class, payments for streaming services will become less of a priority for most Nigerians.
Despite being Africa’s most populous nation, Nigeria is a small market for Netflix—accounting for 10.5% of total subscribers in Africa, according to Omdia Research, a tech research-based firm. In November 2023, Netflix lost its market leader status in Africa to MultiChoice’s Showmax.
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