Netflix has once again raised its subscription prices in Nigeria, marking the second increase in 2024. This follows a previous hike in April. As per the latest update on their website, the premium plan now costs N7,000 per month, a significant rise from the earlier N5,000.
The standard plan, a favorite among many Nigerian subscribers, has also seen an increase from N4,000 to N5,500, representing a 37.5 percent hike. Meanwhile, the basic plan’s price has gone up by 21 percent, now costing N3,500 instead of N2,900. The mobile plan, the most affordable option, experienced an 83 percent surge from N1,200 to N2,200.
Although Netflix hasn’t provided specific reasons for these adjustments, the move comes 17 months after the company lowered subscription fees in over 30 countries, including Egypt, Yemen, Jordan, and Kenya, among others. The increase comes amid Nigeria’s ongoing economic challenges, with inflation hitting 34.18 percent in June, prompting many companies to adjust their pricing to stay afloat.
Earlier this year, Multichoice Nigeria also raised the subscription rates for its DStv and GOtv services, attributing the increase to rising operational costs. The new rates were implemented starting May 1.