NETFLIX hikes subscription prices
The Premium Netflix has announced an increase in subscription prices for Nigerian users.
The Incentive Plan, formerly priced at N5,000 per month, has rised to N7,000.
With the implementation of the most recent price rise in April of 2024, this is the platform’s second pricing adjustment in three months.
Furthermore, the pricing adjustment on the company’s website reveals that the Standard Plan subscription, which is popular among Nigerian consumers for its HD quality and multi-screen watching options, has increased from N4,000 to N5,500. This translates into a 37.5% increase.
From April 1, 2024, the Premium Plan will be increased from ₦4,400 to ₦5,000, while the Mobile Plan will jump from ₦1,200 to ₦1,600.
However, the Basic Plan will remain at ₦2,900.
The change in subscription prices has been effective in some regions from October 2023.
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These regions are key markets for the streaming platform. They include the United Kingdom, France, and the United States. These regions experienced hikes in fees in the basic and premium plans.
The hike is expected to increase the company’s earnings and enhance its presence in the country.
However, the response of the Nigerian subscribers is unknown yet, as this is the first time the company is changing its subscription price system.
Furthermore, with the increase comes more engaging content and expansion of movies on the platform.
It should be noted that as of November 2023, Showmax reportedly controlled 40% of the African market while Netflix controlled 35%.
Also, Netflix will rely on its growing content, films, and shows to justify the change in pricing.
There are other more affordable subscription options, but they are presently not available in Nigeria.
The ad-supported plans provide the user with an affordable subscription fee. The 15- to 30-second ads are expected to run before and during the films. It is available in the US, UK, and some other countries.
With these changes in subscription prices, Netflix released a positive report in the fourth quarter of 2023.
The company saw its revenue and earnings increase by 12%. Additionally, it added 13.12 million new subscribers, which brings its total subscribers to 260 million.
Note that 5.05 million of the new subscribers were notably from Europe, the Middle East, and Africa (EMEA).
Proofreading and editing by Gift Luckson and Hafsat Aleeyu Muye.editor and Journalist at Neptune Prime.
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