In a move that has left many subscribers reeling, Netflix has announced its second price hike in Nigeria within a span of just four months.
The latest increase, which took effect immediately, is part of the streaming giant’s strategy to “continue to add more TV shows and movies and introduce new product features” and to “respond to local market changes, such as changes to local taxes or inflation,” according to a statement from Netflix.
The new prices are a significant jump from the previous rates, with the Premium Plan increasing by 40% from ₦5,000 to ₦7,000 per month.
The Standard Plan, which offers high-definition (HD) video quality and multi-screen watching capabilities, has risen by 37.5% from ₦4,000 to ₦5,500 per month.
The Basic Plan has seen a 21% increase from ₦2,900 to ₦3,500 per month, while the Mobile Plan has skyrocketed by 83% from ₦1,200 to ₦2,200 per month.
READ MORE: President Tinubu Urges Youths To Shelve Protest Plans, Demands More Time To Address Grievances.
This latest price hike has sparked frustration among subscribers, many of whom are already struggling financially.
Some have taken to social media to express their disappointment and consider canceling their membership altogether.
The timing of the increase is particularly challenging for subscribers in Nigeria, who are facing economic difficulties.
In an effort to mitigate the impact of the price hike, Netflix is exploring new subscription models, including a lower-cost, ad-supported “Basic with Ads” tier. This new option is designed to offer more choices at a lower cost for users who may not be able to afford the higher subscription fees.
As Netflix noted, “We may also adjust plans and pricing to respond to local market changes… and to continue to add more TV shows and movies and introduce new product features.”
