Netflix, the leading global video streaming platform, has announced a significant price increase for its subscription packages in Nigeria.
The changes, detailed in a message to customers and on the company’s website, reflect a substantial hike in the cost of accessing Netflix’s services.
The Premium Plan, which offers ultra-high-definition (UHD) content and allows streaming on up to four screens simultaneously, has seen a 40% increase.
The new monthly cost for this plan is now ₦7,000, up from the previous ₦5,000. This price adjustment highlights the growing costs associated with high-quality streaming services.
Additionally, the Standard Plan, which provides high-definition (HD) content for streaming on two screens, has increased from ₦4,000 to ₦5,500 per month.
The Mobile Plan, designed for streaming on mobile devices only, now costs ₦2,200, while the Basic Plan, which offers standard definition content on one screen, has risen to ₦3,500.
These changes come as part of Netflix’s broader strategy to adjust its pricing structure in response to various economic factors.
The price hikes may impact Nigerian subscribers who have previously enjoyed Netflix’s content at lower rates. The new rates reflect the company’s efforts to balance revenue generation with its service offerings amid fluctuating market conditions.
The updated pricing is expected to have a significant effect on Netflix’s subscriber base in Nigeria, potentially leading to changes in viewing habits or subscription levels as customers adjust to the new costs.