Kelvin Bowoto
The price change is consistent with Netflix’s overall policy of reviewing subscription costs across several locations to increase revenue and earnings, which includes a pattern of content expansion offerings and periodic price evaluations.
Netflix has since begun changing its prices in important areas around the world, including the United Kingdom, the United States, and France. In October 2023, the Basic and Premium Plans in these locations saw increases.
As the Nigerian entertainment market grows, the detailed review strategy is likely to support Netflix’s ongoing efforts to strengthen its position in the nation.
Netflix, which invests in interesting material in the region for its members, is using a pricing approach to compete effectively and keep people engaged.
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Although the price hikes have not been large so far, it is unclear how they will affect Nigeria’s consumer sector. Netflix will use its growing library of exclusive content, films, and television episodes to justify the rate increase.
In other news, Netflix’s co-CEO, Ted Sarandos, has revealed that the video streaming service will begin testing its ad-supported plans.
The ad-supported plans, which have subsequently been released in several countries, including the United States, the United Kingdom, and Canada, but are not yet available in Nigeria, provide users who are willing to view advertisements with more reasonable subscription options.
The ads, estimated to last between 15 and 30 seconds, will run before and throughout the videos.
According to a study released in the fourth quarter of 2023, Netflix’s income increased by 12%, and it attracted 13.12 million new users, bringing its total subscriber base to 260 million. 5.05 million new customers came primarily from Europe, the Middle East, and Africa (EMEA).
As of November 2023, Netflix supposedly controlled 35% of the African market, while Showmax controlled 40%.
Techrectory with Agency Report.
