Netflix has increased the price of its monthly subscription plans for its Nigerian users, for the second time in 2024.
According to the notification the streaming platform sent to its users, the basic plan now costs ₦3,500 ($2.20), while the mobile plan now costs ₦2,200 ($1.38). The standard plan is now ₦5,500 ($3.46) from ₦4,000 ($2.51). The premium plan now is ₦7,000 ($4.40) from ₦5,000 ($3.14).
In Netflix’s defense, the streaming platform attributed the price updates as a direct impact on the volatile Naira devaluation. The last update on the subscription prices for its Nigerian users was in April 2024. The streaming platform attributed the price updates as a direct impact on the volatile Naira devaluation. They increased the mobile plan from ₦1,200 ($0.75) to ₦1,600 ($1.01), while the basic plan stayed at ₦2,900 ($1.82). The standard plan saw an increase from ₦3,600 ($2.26) to ₦4,000 ($2.51), while the premium plan went from ₦4,400 ($2.76) to ₦5,000 ($3.14).
Netflix mentioned a broader strategy to revise its subscription fees across various regions. Over the past year, it has adjusted prices in key markets such as 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, paying for streaming services is becoming less of a priority for most Nigerians.
Although Nigeria is Africa’s most populated country, it only accounts for 10.5% of total subscribers.