Nigerians will now have to pay N7000 per month for the Netflix premium plan, marking a 40% hike from the previous rate of N5000.
Since October 2023, Netflix has been changing its pricing model globally, affecting key countries such as the United States, the UK, and France. This significant increase in subscription fees is part of Netflix’s global trend.
The most recent fee changes were first implemented in April when the premium plan was raised from N4400 to N5000. Over the above period, the basic plan cost was not adjusted, remaining at N2900, while the premium plan saw a surge from N3600 to N4000.
There have been many justifications for Netflix’s price hikes. Netflix stated that they are necessary for revenue growth and earnings growth. It also added that recurring price increases are necessary to support further growth of its catalog, which continues to lure subscribers worldwide.
Impact on Nigerian subscribers
The emerging hike makes it the second of its kind within the nine weeks in Nigeria. In addition to the premium plan, the standard plan, the most preferred one due to its high definition and multiscreen qualities, also surged up. It now stands at N5500, up from N4400, indicating a 37% increase.
This pattern of frequent price adjustments may prove challenging for Nigerian subscribers, who are now forced to set more money aside for entertainment.
It now forces the subscribers to think twice before choosing the packages they need, which might change the market conditions for Netflix in the given area.
