Netflix to hike prices of Nigerian subscribers from April 1, 2024. The streaming platform, Netflix has revealed changes to its pricing system for customers in Nigeria.
Netflix to Hike Prices of Nigerian Subscribers
Streaming platform, Netflix has announced changes to its pricing in Nigeria, starting from April 1, 2024. The Standard Plan, currently at ₦3,600, will increase to ₦4,000. The Basic Plan remains at ₦2,900, while the Premium Plan, offering Ultra HD quality and four screens, will rise from ₦4,400 to ₦5,000. The Mobile Plan, previously ₦1,200, will now be ₦1,600.
This adjustment is part of Netflix’s strategy to periodically review fees and improve revenue. Similar changes have been made in other countries like the UK, US, and France. Netflix aims to strengthen its presence in Nigeria’s growing entertainment market by offering compelling content.
How Netflix Plans To Justify the Price Hike
To justify the higher prices, Netflix will continue investing in exclusive movies and shows. Meanwhile, the company plans to introduce ad-supported plans, already available in some countries, offering cheaper options to viewers willing to watch ads. These ads, lasting 15 to 30 seconds, will play before and during videos.
Netflix’s Revenue in the Fourth Quarter Of 2023
Despite the price increase, Netflix’s revenue grew by 12% in the fourth quarter of 2023, with 13.12 million new subscribers globally. In Africa, Netflix holds 35% of the market share, competing with platforms like Showmax.
How Much Is a Netflix Subscription in Nigeria
The cost of a Netflix subscription is simple. The basic plan just as explained in the previous paragraphs of this post will stay the same 2,900 Nigerian Naira.
The premium plan on the other hand which as you should know offers users Ultra HD quality as well as four multiple screens and it is priced at 5,000 Nigerian Naira from the previous 4,000 Nigerian Naira. And lastly, the mobile plan which used to be 1,200 Nigerian Naira will now be 1,600 Nigerian Naira.
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