Netflix hikes subscription prices, plans to introduce ‘Basic With Ads’
By Kola Bola
Netflix has for the second time this year increased its pricing structure for its Nigerian subscribers. The streaming giant, according to a recent notice sent to their customers, announced that its premium plan currently priced at ₦5,000 ($3.14) will now cost ₦7,000 ($4.40).
It added that the standard plan has also been increased from ₦4,000 ($2.51) to ₦5,500 ($3.46), the mobile plan now costs ₦2,200 ($1.38), while the basic plan is at ₦3,500 ($2.20).
With the evolution of streaming platforms, Netflix’s pricing strategy reflects its efforts to balance being a competitive platform and providing engaging content for its viewers.
After years of maintaining an ad-free platform, the company confirmed it would begin testing ad-supported, a lower-priced subscription tier. This decision is likely influenced by the challenging year Netflix has faced, including competition from other streaming platforms and losses in its subscribers.
The new ad-supported plan known as “basic with ads” has been launched in various countries, offering a more affordable subscription option for subscribers willing to watch ads and commercials.
In the past year, the streaming giant has adjusted prices in its key markets, including the United States the United Kingdom and France.
With the evolution of streaming platforms, Netflix’s pricing strategy reflects its efforts to balance being a competitive platform and providing engaging content for its viewers.
Recall that the streaming platform also revised its subscription prices for Nigerian subscribers in April with the premium plan hiked to ₦5000 ($3.14) from ₦4,000 ($2.76), while the standard plan rose from ₦ 3,600 ($2.26) to ₦4,000 ($2.51). The mobile plan was increased to ₦1,600 ($1.01) from ₦1,200 ($0.75) while the basic plan remained at ₦2,900 ($1.82).
At the time, Netflix claimed to have a broader strategy to revise its subscription rates for various subscribers across various regions. According to the company, these changes were intended to boost revenue and earnings growth, following their strategy of periodic price increases to support the expansion of content offerings.
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