Nigerians would need to pay more for Netflix despite diminishing purchasing power
This new adjustment comes after previous increases in July 2024, further pinching customers in a country dealing with economic contraction and rising inflation.
In July 2024, the Premium plan increased by 40% to ₦7,000 ($4.40), the Standard plan by 37.5% to ₦5,500 ($3.46), the Basic plan by 21% to ₦3,500 ($2.20), and the Mobile plan from ₦1,600 ($1.01) to ₦2,200 ($1.38).
Earlier in April of the same year, the streaming service announced a price increase for its Premium Plan, raising it from N4,400 to N5,000. At the same time, the Standard Plan increased from N3,600 to N4,000, while the Basic Plan stayed at N2,900.
The Nigerian economy has suffered significantly in recent years, with the country's currency, the naira, depreciating and consumer purchasing power plummeting.
With the country's inflation continuing to increase, the cost of basic goods and services has risen, making discretionary spending, such as video streaming, more difficult to justify for many Nigerians.
Streaming subscriptions are more expensive in industrialized countries such as the United States and the United Kingdom, but customers often earn much more, making such services reasonably affordable.
For example, although Americans pay $15.49 (approximately ₦24,000 at current exchange rates) for Netflix's Standard plan, the average U.S. worker makes more than $60,000 per year.
Nigeria's minimum monthly salary remains at ₦70,000, with many earning significantly less in the informal economy.
This is more complex when you consider that Nigeria's current minimum wage of ₦70,000 is merely $43, compared to its minimum wage of ₦30,000 as of 2022, which was $70 when exchanged at the average rate of ₦423.7 at the end of the year.
This dip highlights Nigeria's declining purchasing power in the face of one of its worst economic periods in the country's history.
This disparity in purchasing power parity (PPP) also demonstrates the increasing difficulties of developing global subscription models in poor nations.
As streaming platforms pursue profitability, they risk losing customers in price-sensitive areas such as Nigeria.
Unless updated price structures or regional considerations are applied, subscription-based services may see decreased popularity in places where economic hardship makes digital entertainment increasingly costly.

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Tom's Guide
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- Tom's Guide
This exclusive NordVPN deal has been extended again – and free Amazon gift cards are still up for grabs
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Time Business News
6 hours ago
- Time Business News
Atlas Pro ONTV: Redefining the IPTV Experience Across Europe and Beyond
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Atlas Pro ONTV boasts a wide range of channels, including: European stations (French, UK, Spanish, German, Italian) Arabic and North African programming African francophone content American and Canadian TV networks Indian, Turkish, and Asian channels 24/7 movie, sports, kids, and lifestyle channels This diverse lineup ensures that every household member finds something enjoyable to watch, regardless of their language or genre preferences. High-quality video is one of the hallmarks of Atlas Pro ONTV. The platform offers many channels and VOD content in HD, Full HD, and even 4K, providing a crystal-clear viewing experience. Whether you're watching a football match or the latest blockbuster, the resolution is sharp and immersive. Unlike free IPTV services that suffer from constant buffering, Atlas Pro ONTV uses advanced anti-freeze and load-balancing technology. 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Yahoo
6 hours ago
- Yahoo
Jefferies Raises Netflix (NFLX) PT, Maintains Buy Rating
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