The news: 

• Netflix, the US-based subscription video streaming platform, has increased subscription prices in its Nigerian market again. 
• This marks the second time in four months that the platform is implementing an upward price review, following the last one on April 1, 22024.  
• The latest price update on the platform’s website puts the Premium subscription plan at ₦7,000 ($4.40) monthly, up from the initial ₦5,000 ($3.14), indicating a 40% surge. 

Furthermore, Netflix’s Standard plan, popular among Nigerian subscribers for its high-definition (HD) video quality and multi-screen viewing options, will now cost users ₦5,500 ($3.46) a 37.5% increase from the initial ₦4,000 ($2.51).

While the streaming platform’s Basic subscription plan, currently priced at ₦2,900 ($1.82), has been bumped up by 21% to ₦3,500 ($2.20), the Mobile plan, its lowest subscription offering, has gone from ₦1,600 ($1.01) to ₦2,200 ($1.38).

The notice of Netflix’s price increment is coming at a time when Nigerians are grappling with harsh economic conditions that have seen the prices of nearly every product and service in the country go up, compelling individuals to forgo luxuries for essentials. 

With this new increase, there’s no telling how many Nigerians may have to give up Netflix as skyrocketing subscription prices are gradually putting entertainment out of reach for many households.

Recall that effective April 2024, Netflix took the price of its Premium Plan from ₦4,400 ($2.76) to N5,000 ($3.14).  Simultaneously, the Standard plan went from ₦3,600 ($2.26) to ₦4,000 ($2.51) and the Mobile plan became ₦1,600 ($1.01), from ₦1,200 ($0.75). The price review didn’t affect the Basic Plan at ₦2,900 ($1.82).

Explaining its decision to adjust prices at the time, Netflix explained that it was part of the company’s larger strategy to revise its subscription fees across various regions to boost revenue and earnings growth. 

The streaming giant noted that the development followed its strategy to increase prices periodically to sustain the expansion of content offerings, which recently saw it adjust subscription prices in its key markets, including the United States, the United Kingdom, and France.

Halting its ad-free operations, Ted Sarandos, Co-CEO of Netflix, recently confirmed that the platform would begin testing an ad-supported, lower-priced subscription tier, known as “Basic with Ads.”  

The move became necessary for Nexflix following a challenging year that saw subscriber losses and increased competition from other streaming services like Showmax.

In the same vein, Showmax also announced new prices for its revamped video streaming platform in January 2024. Then, in July 2024, barely 6 months later, raised the prices for all its packages, save for the premier league package.