Netflix has raised the price of its premium subscription plan in Nigeria from ₦5,000 to ₦7,000 per month, representing a 40% increase and also marking the second time in three months the world’s largest paid video streaming service is increasing its pricing, following a previous increase in April 2024.
The Standard Plan has also seen a significant hike, climbing from ₦4,000 to ₦5,500, a 37.5% rise. The Basic Plan remains unchanged at ₦3,500.
According to a notification sent to customers, Netflix increases its premium plan price to ₦7,000 ($4.40) from ₦5,000 ($3.14), the standard plan is now costing ₦5,500 ($3.46) instead of ₦4,000 ($2.51). Meanwhile, the mobile plan is now ₦2,200 ($1.38) and the basic plan stands at ₦3,500 ($2.20).
However, do note the US users shell out $15.49 for the Netflix standard plan and $22.99 for the premium plan, and UK users part with £10.99 for the standard and £17.99 for the premium. Now, Nigerian users are grappling with a new reality. The price hike is a result of naira devaluation. But, Netflix didn’t immediately respond to a request for comments.
Netflix previous price hikes
In April 2024, Netflix adjusted its prices for Nigerian users. The standard plan increased from ₦3,600 ($2.26) to ₦4,000 ($2.51), while the basic plan stayed at ₦2,900 ($1.82). The premium plan saw a hike to ₦5,000 ($3.14) from ₦4,400 ($2.76), and the mobile plan went up to ₦1,600 ($1.01) from ₦1,200 ($0.75).
Netflix claimed that these price adjustments are part of a broader global strategy to revise subscription rates to boost revenue and support the expansion of its content library. Over the past year, Netflix has revised its pricing across key markets, including the United States, the United Kingdom, and France.
As streaming services face increasing competition, Netflix's move is intended to strengthen its financial position and enable further investment in original programming and user experience enhancements.
However, the latest price hike comes at a time when Nigeria is struggling with soaring inflation and a worsening cost of living crisis. As disposable incomes dwindle and the middle class shrinks, many Nigerians will likely deprioritize spending on streaming services.
Although Nigeria is Africa's most populous country, it remains a relatively small market for Netflix, comprising just 10.5% of the continent's total subscribers, according to Omdia Research. In November 2023, Netflix lost its position as the market leader in Africa to MultiChoice's Showmax.