The news:
- Netflix has announced an update to its pricing structure for Nigerian customers.
- The subscription video streaming service said that its Standard Plan, currently priced at ₦3,600, will see an upward review to ₦4,000 starting on April 1, 2024.
- While the Basic Plan will stay the same at ₦2,900, the Premium Plan, which offers Ultra HD quality and four multiple screens, is priced at ₦5,000 from ₦4,400, and the Mobile Plan, which was ₦1,200, will be ₦1,600
UPDATE: Netflix has increased prices again for Nigerian subscribers; the second time within just four months . The latest price update puts the Premium subscription plan at ₦7,000 ($4.40) monthly, up from the initial ₦5,000 ($3.14), indicating a 40% surge. Learn more in this article.
The price revision is consistent with Netflix's broader strategy to review its subscription fees across several regions to drive revenue and earnings, employing a pattern of content expansion offerings and periodic price reviews.
Netflix has since commenced price adjustments in key markets across the globe, including the United Kingdom, the United States, and France. Basic and Premium Plans in the locations experienced hikes in October 2023.
As the Nigerian entertainment market continues to experience growth, the precise review strategy is expected to bolster Netflix’s continued effort to enhance its presence in the country.
Netflix, which invests in engaging content in the region for its subscribers, is employing the pricing strategy to compete effectively and keep its users hooked.
Although the price increases haven’t been significant thus far, it’s not clear how they will impact Nigeria's consumer market. To justify the additional cost, Netflix will rely on its growing library of exclusive content, films and television shows.
In another development, Netflix's co-CEO, Ted Sarandos, has confirmed that the video-streaming company will begin testing its ad-supported plans.
The ad-supported plans, which have since launched in various countries, including the US, UK, and Canada, but are not available in Nigeria yet, offer subscribers willing to watch commercials more affordable subscription options.
The commercials, expected to run between 15 and 30 seconds, run before and during videos.
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Per a report Netflix released in the fourth quarter of 2023, the company saw its revenue increase by 12% and added 13.12 million new subscribers, bringing its total subscribers to 260 million. 5.05 million of the new subscribers were notably from Europe, the Middle East, and Africa (EMEA).
As of November 2023, Netflix reportedly held 35% of the African market, with Showmax controlling 40%.
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FAQs
With this new increase, there's no telling how many Nigerians may have to give up Netflix as skyrocketing subscription prices are gradually putting entertainment out of reach for many households. Recall that effective April 2024, Netflix took the price of its Premium Plan from ₦4,400 ($2.76) to N5,000 ($3.14).
How much is Netflix subscription in Nigeria 2024? ›
While the Basic Plan will stay the same at ₦2,900, the Premium Plan, which offers Ultra HD quality and four multiple screens, is priced at ₦5,000 from ₦4,400, and the Mobile Plan, which was ₦1,200, will be ₦1,600.
Is Netflix increasing prices in Nigeria? ›
This new increase affects all subscription packages, with significant percentage increases across the board. With the latest price update, Nigerians will now be paying N7,000 per month for Netflix's Premium Plan, which has seen a 40% increase from its previous rate of N5,000 per month.
How much is a Netflix subscription in Nigeria money? ›
Netflix has announced a price adjustment for its subscriptions in Nigeria, with the Premium Plan now set at N7,000 per month, up from N5,000.
How many subscribers will Netflix have in 2024? ›
Netflix has 277.65 million subscribers as of 2024. Netflix generated $18.93 billion in revenue in the first half of 2023. Women make up 51%, while Males make up 49% of all Netflix users.
How to pay for Netflix subscription in Nigeria? ›
A country must be selected to view content in this article.
- Choose a plan that meets your needs and your budget. As a Netflix member, you are charged once a month on the date you signed up. ...
- Credit and Debit Cards. ...
- Virtual Cards. ...
- Prepaid Cards. ...
- Netflix Gift Cards. ...
- PayPal.
Netflix Prices in 2024
Additional tiers include $15.49 for Standard service, which includes 2 screens, and $22.99 for Premium, which includes 4 screens as well as upgraded HDR/4K resolution.
How much is a Prime Video subscription in Nigeria? ›
Price of Prime Video Subscription in Nigeria
In Nigeria, the subscription fee for Prime Video is 2,300 naira monthly. According to Amazon's website, every customer receives a free seven-day trial.
How much does Netflix buy Nigerian movies? ›
Netflix pays Nigerian filmmakers between $10,000 and $90,000 for streaming rights per film, on average, although the amount occasionally goes up, depending on the director, film budget, and projected numbers.
How much does a Netflix subscription cost in the USA? ›
Netflix costs $6.99 to $22.99 per month, depending on your subscription plan. It offers three plans: Standard With Ads, Standard and Premium. A former popular choice was the Basic plan at $9.99, but Netflix eliminated this option for new or rejoining members and is phasing it out entirely. Users can cancel anytime.
But The Black Book's success has little to do with the Nigerian audience on Netflix, who, according to the latest data, are only 169,600 paid subscribers out of a population of 106 million bankable adults.
How much is Netflix per month in Africa? ›
Popular on IndieWire
| Countries | Netflix Cost (USD) |
|---|
| 🇸🇧 Solomon Islands | $7.99 |
| 🇸🇴 Somalia | $7.99 |
| 🇿🇦 South Africa | $8.41 |
| 🇬🇸 South Georgia & South Sandwich Islands | $9.99 |
222 more rowsMar 7, 2024
Navigating Netflix Subscriptions In Nigeria
Paddy Digital services give Netflix users globally and locally options to pay for Netflix Ultra premium account with Visa card, Master card, American Express cards, USSD, QR, bank transfer, Pay Aptitude, Apple Pay, and more without hurdle.
Which country uses Netflix the most? ›
United States
Netflix was founded in the U.S. in 1997, so it shouldn't come as any surprise to hear it has the most Netflix users by country in 2023. There are about 67 million Netflix users in the country. The U.S. is, by far, Netflix's most profitable market.
Who owns Netflix right now? ›
Currently, Netflix is owned by a mix of insiders, such as co-founder Reed Hastings and Chief Legal Officer David Hyman, as well as some of the biggest asset management companies in the world, such as BlackRock and the Vanguard Group.
Is Netflix subscribers increasing? ›
The largest streaming service in the world added 8 million subscribers in the latest quarter, making its total subscriber count 277.7 million worldwide. Revenue grew 17% during the quarter, reaching $9.5bn. The company said the revenue growth was driven primarily by an increase in paid memberships.
How do I change my Netflix plan in Nigeria? ›
How to change your plan
- Sign in to your Netflix account.
- Select Change Plan. (If you don't see Change Plan, please contact us.) Note:If your account is on hold, no plan changes can be made until the hold is resolved.
- Choose the desired plan, then select Continue or Update.
- Select Confirm Change or Confirm.
Amazon Prime in Nigeria
Just like its popular counterparts, this service operates globally and requires users to subscribe in order to access the millions of movies available. Currently, the subscription fee for Amazon Prime costs 2,300NGN per month and you get a seven-day free trial.
How much is unlimited Netflix per month? ›
Premium: $22.99 per month
Premium subscribers have unlimited ad-free viewing and can use up to four devices simultaneously, with the capability to download content onto six devices. Enhanced viewing features, such as ultra HD and Netflix spatial audio, set Premium subscriptions apart from the other options.
Does Netflix have 6 month plan? ›
Netflix offers a variety of subscription plans tailored to different needs and preferences. The standard plan offers streaming on two screens simultaneously, in high definition.
