After raising its subscription costs in April of this year, Netflix once again increased its subscription prices for Nigerian users, marking the second price hike within a span of just four months.
According to Netflix, the recurring price increases are part of a strategy to support the expansion of its content offerings, with the goal of increasing revenue growth and earnings.

They stated, ”As we continue to add more TV shows and movies and introduce new product features, our plans and prices may change. We may also adjust plans and pricing to respond to local market changes, such as changes to local taxes or inflation.”

With comparable pricing increases in major regions, including the US, the UK, and France, the firm hopes to maintain the growth of its content offerings.
The new pricing is as follows:
 Premium Plan: Cost increased by 40%, from ₦5,000 to ₦7,000 per month.
Standard Plan: This package, known for its high-definition (HD) video quality and multi-screen watching possibilities, has increased by 37.5%. from ₦4,000 to ₦5,500 per month.
 Basic Plan: increased by 21 percent. from ₦2,900 to ₦3,500 per month.
Mobile Plan: a significant 83% increase, from ₦1,200 to ₦2,200 per month.
This latest increase has left many subscribers feeling frustrated and questioning the value of their subscriptions. Some users have even taken to social media to express their disappointment and consider canceling their membership altogether.

I just got my price increase notice i guess i’m done with Netflix and Hello Piracy #NetflixPrice
— q (@qarahiyo) September 20, 2017

The timing of this price increase is especially difficult for subscribers in Nigeria, who are already struggling financially. The increased costs may lead many to reconsider their subscriptions, potentially causing a decline in Netflix’s user base in the region.
Netflix is also looking into new subscription models to compete in the streaming market and attract and retain subscribers. The lower-cost, ad-supported “Basic with Ads” subscription tier has been introduced to offer more options at a lower cost for users who might not be able to pay the higher subscription fees.The post Streaming Costs Soar: Netflix’s Second Price Hike in Nigeria first appeared on IT News Africa | Business Technology, Telecoms and Startup News.