Netflix, the American streaming giant, has raised its subscription prices in Nigeria once again in 2024. This marks the second price hike this year, following an increase in April.
The new pricing, visible on the company’s website as of Wednesday, shows that the premium plan now costs N7,000 per month, a 40 percent increase from the previous N5,000. The standard plan, popular among Nigerian users, has been adjusted from N4,000 to N5,500, representing a 37.5 percent increase. The basic plan saw a 21 percent rise, increasing from N2,900 to N3,500, while the mobile plan experienced the steepest hike, jumping 83 percent from N1,200 to N2,200.
Netflix has not provided specific reasons for this latest increase. However, this change comes 17 months after the company reduced its subscription fees in over 30 countries, including Egypt, Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Vietnam, Thailand, and the Philippines.
These price adjustments occur amidst significant economic challenges in Nigeria, where the cost of living has surged. The inflation rate reached 34.18 percent in June, prompting companies to modify their pricing structures to maintain profitability.
In a similar move, Multichoice Nigeria announced in April that it would increase subscription costs for its DStv and GOtv packages, with the new rates taking effect from May 1. The company cited the rising costs of business operations as the reason for the price hike.
