Netflix, a prominent global streaming service, has implemented a subscription fee increase of 11% in Nigeria.
Effective immediately, subscribers in Nigeria will experience adjustments in their subscription rates. Specifically, the premium plan, offering features such as 4K + HDR streaming and downloads on up to six devices, will now cost ₦5000, up from ₦4500.
Similarly, the standard plan has been adjusted from ₦3600 to ₦4000. While the basic plan remains unchanged at ₦2900, the mobile plan has also seen a price increase.
The rationale behind this adjustment, as communicated by Netflix, lies in their ongoing efforts to enhance and invest in their platform. By periodically revising subscription fees, they aim to reflect the value of these improvements to their members.
Moreover, this additional revenue contributes to further investments, facilitating the continuous improvement and expansion of their service offerings.
Netflix’s commitment to the African market is evident through substantial investments in content production, particularly in sub-Saharan Africa.
Since 2016, the company has allocated approximately $175 million towards film content production in the region, resulting in the creation of over 10,000 jobs. Despite the recent fee adjustment, Netflix maintains a significant presence in Africa, holding the second position among streaming platforms.
As of November 2023, the service boasted an estimated 1.8 million subscribers in Africa, representing approximately 33.5% of the market share.
Additionally, it is noteworthy that Netflix recently concluded its complimentary plan in Kenya, which had been operational for a duration of two years.
This decision underscores the company’s strategic approach to aligning its offerings with evolving market dynamics and ensuring sustainable growth and profitability.
Related Posts
Klasha Raises An Additional $2 Million To Expand B2B Cross-Border Payment Rails Into China
Moove Expands To Mexico, Extending Global Footprint
