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Popular video-on-demand platform Netflix has announced an increase to its subscription fees, for the second time this year alone.
The streaming giants disclosed the updated prices on its official website, citing strategic adjustments to boost revenue and earnings growth.
The latest adjustments see Netflix’s Premium package surging by 40 per cent, from 5,000 Naira to 7,000 Naira per month.
Meanwhile, the Basic plan saw a 21 per cent increase, rising from 2,900 Naira to 3,500 Naira. Notably, the Mobile plan has seen the largest increase in price compared to other plans rising by 83 per cent, from 1,200 naira to 2,200 naira per month.
The Standard plan, favoured for its HD quality and multi-screen options, now commands 5,500 Naira per month following a 37.5 per cent increase from its previous 4,000 Naira rate.
Netflix’s increase comes amid rising economic challenges
This is the second time that Netflix would increase subscription prices this year, with the last one occurring in April.
With Nigeria currently grappling with a 34 per cent inflation rate and nearly 41 per cent food inflation, the price hikes could present challenges for subscribers already struggling with basic living costs.
While Netflix defends these increases as necessary for maintaining service quality and content diversity, the move is similar to recent adjustments made by other streaming platforms and entertainment providers. These increases, although criticized amid economic hardships, reflect broader industry trends aimed at offsetting operational costs and sustaining profitability.
