The rapid succession of these increases underscores the volatile economic environment in Nigeria and Netflix’s efforts to maintain profitability in the face of rising operational costs
ICYMI: How Netflix Increased Nigerian Subscription Prices 3 Times In 18 Months
In a series of bold moves that have reshaped the streaming landscape in Nigeria, Netflix has implemented three significant price hikes over the past 18 months, reflecting the challenges and opportunities in Africa’s largest entertainment market.
The most recent increase, announced in July 2024, saw Netflix’s Premium Plan surge by 40% to ₦7,000 ($4.40) per month from its previous rate of ₦5,000.
This adjustment affected all subscription tiers, with the Standard plan rising 37.5% to ₦5,500, the Basic plan increasing 21% to ₦3,500, and the Mobile plan seeing a dramatic 83% jump to ₦2,200.
This July 2024 price hike came just three months after a previous increase in April 2024. During that earlier adjustment, Netflix had raised its Premium Plan from ₦4,400 to ₦5,000 and the Standard Plan from ₦3,600 to ₦4,000.
The rapid succession of these increases underscores the volatile economic environment in Nigeria and Netflix’s efforts to maintain profitability in the face of rising operational costs.
The first of these three increases occurred in April 2023, setting the stage for the subsequent adjustments. At that time, Netflix cited a broader strategy to revise subscription fees across various regions, aiming to accelerate revenue and earnings growth.
“We will occasionally ask our members to pay a little more so that we can reinvest to further improve Netflix,” the company stated in a release to address its increase in subscription fees. The streaming platform has since integrated live events, including sports, into its offerings.
Netflix’s pricing strategy in Nigeria reflects a delicate balance between growing its subscriber base and ensuring sustainable operations. The company faces unique challenges in the Nigerian market, including currency volatility and high inflation rates, which have pushed up prices across all sectors of the economy.
Alongside these increases, Netflix has slowed down its investments in local content production and technology improvements. Nigerian filmmaker Kunle Afolayan claimed that Netflix canceled several films it had previously commissioned from unnamed filmmakers because it seemed unimpressed by their returns in Nigeria.
“Three years ago, when we signed the three-film deal with Netflix, it was really exciting, Thank God we had shot seasons two and three [of Anikulapo] because all the other people that were commissioned with us at the same time were canceled, Afolayan said while speaking at the 2024 Zuma International Film Festival.
While Netflix denied outrightly exiting Nigeria by saying “We will continue to invest in Nigerian stories to delight our audience,” the company’s initial commitment to the Nigerian market, evident in its library of Nollywood films and series, has seen a drastic drop, adding no justification to the additional costs to subscribers.
Moreover, these price hikes come at a time when Nigerian consumers are grappling with economic pressures. The country’s inflation rate has soared from 8.50% in 2013 to 34.8% in 2025, putting strain on household budgets and potentially affecting discretionary spending on entertainment services.
As Netflix navigates this complex landscape, it faces competition from local players like MultiChoice’s Showmax, which has recently received significant investment to enhance its streaming platform and is more affordable for users. The contrasting strategies of global and local players highlight the unique dynamics of the African streaming market.
For Nigerian subscribers, the frequent price adjustments present a challenging value proposition. While Netflix offers a vast library of international and local content, the cumulative effect of these increases may lead some users to reevaluate their subscriptions or explore alternative entertainment options.
As the streaming wars continue to unfold in Nigeria, Netflix’s pricing strategy will be a critical factor in determining its long-term success in this rapidly evolving market. The company’s ability to balance affordability with content quality and technological innovation will be key to retaining and growing its subscriber base in Africa’s most populous nation. Read More
