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Netflix Price Increase: Premium at 7,000 Naira: Netflix has increased its prices in Nigeria and the premium plan now costs 7,000 naira. This is an 83% increase from the previous 5,000 naira.
This is the second increase in three months as the streaming giant adjusts its pricing in response to economic pressure and need for revenue growth.
Details of the Price Increase
The price increase affects all plans and the percentage increase varies across the board.
The mobile plan which is the lowest tier saw the highest increase, 1,200 naira to 2,200 naira, that’s 83% increase.
The basic plan which was 2,900 naira is now 3,500 naira, 21% increase. The standard plan which is the most popular for HD quality increased by 37.5%, from 4,000 naira to 5,500 naira.
This is the second increase in three months, the previous one was in April 2024 when the premium plan was increased from 4,400 naira to 5,000 naira and the standard plan from 3,600 naira to 4,000 naira.
The price increase is part of Netflix’s plan to increase revenue and support the growth of its content, according to the company.
Economic Context
The timing of the Netflix price increase is interesting given the current economic situation in Nigeria.
With inflation at 34% and food inflation at 41%, many Nigerians are already in a cost of living crisis.
With households prioritizing essential expenses, the affordability of subscription services like Netflix will be affected.
The price increase comes at a time when many consumers are re-evaluating their discretionary spending and Netflix may lose subscribers in a market already stressed by economic pressure.
Read Next: Multichoice Nigeria Increases the Prices of DStv and GOtv
Industry Trends
Netflix is not the only one increasing prices; Multichoice has also increased its subscription rates multiple times this year.
Multichoice’s price increase has been met with backlash and even legislative scrutiny.
The trend in the streaming industry seems to be a response to financial pressure as companies try to stay profitable amidst rising operational costs.
Besides the price increase, Netflix is also exploring other revenue streams, an ad-supported subscription tier.
This will be for users who find the current ad-free plans too expensive and want a more affordable option.
Conclusion
With Netflix price increase: premium at 7,000 Naira, how sustainable is Netflix’s subscriber base in Nigeria?
The combination of economic pressure and subscription increase will make consumers rethink how they consume streaming services.
Only time will tell how Netflix will balance its revenue growth with the reality of its Nigerian subscribers.
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