Netflix, the world’s leading paid video streaming service, has announced a second price adjustment for its subscription packages in 2024, which will impact Nigerian users despite economic pressures.
According to a notification received by customers and reported by TechCabal, Netflix has increased the monthly cost of its premium plan, which includes ultra-high-definition content and access on four screens, from $3.14 to $4.40.
Similarly, the Standard Plan now costs $3.46, up from $2.51, while the mobile and basic plans are priced at $1.38 and $2.20, respectively.
The adjustment reflects the impact of currency devaluation on pricing, with the Nigerian Naira experiencing significant depreciation.
In comparison, US subscribers pay $15.49 and $22.99 for the standard and premium plans, respectively, while UK users pay £10.99 and £17.99 for the same plans.
Netflix’s latest price hike follows a similar adjustment in April 2024, where prices were raised across various subscription tiers in Nigeria.
The streaming giant justified the increases as part of a broader global strategy to align subscription fees with local market conditions.
However, the latest increase comes amid Nigeria’s economic challenges, including rising inflation and a shrinking middle class, which could impact consumer spending on non-essential services like streaming platforms.
Despite being Africa’s most populous nation, Nigeria constitutes only 10% of Netflix’s total subscribers in Africa, according to Omdia Research.
Earlier in November 2023, Netflix lost its position as the market leader in Africa to MultiChoice’s Showmax.
Netflix has yet to respond to requests for comment on the latest pricing adjustments for Nigerian users.
