Netflix will charge less per month for subscriptions in Nigeria and other sub-Saharan African nations beginning on February 21.
According to the streaming platform, its objective is to guarantee that its clients receive more for their money.
The new costs for Netflix membership options in Sub-Saharan Africa were revealed on Tuesday.
They said that the Premium plan would now cost a little under $10, while their mobile plan would now cost around $3.
“We’re always exploring ways to improve our members’ experience on Netflix. We know members have never had more choices when it comes to entertainment — and we’re more committed than ever to delivering an experience that doesn’t just meet, but exceeds their expectations.
Today, we’re updating the pricing of our plans to Mobile $2.99, Basic $3.99, Standard $7.99 and Premium $9.99 in select Sub-Saharan countries [where Netflix is charged in USD] to deliver all your favourite TV shows and movies at an even better value!
The price update will also apply to Kenya, where Mobile will be Ksh200, Basic Ksh300, Standard Ksh700, and Premium Ksh1 100. Our goal is simple: to offer various quality shows and films curated for you. So whatever your mood or tastes, you can find something right to watch.
New members who sign up will see the new price for the plans immediately starting [date]. The update will roll out to existing members over the coming weeks from their next billing cycle. Existing members will be notified by email, [as well as within the Netflix app 30 days before the new prices are applied to them (this is only for auto-upgrades)]. The exact timing will depend on the specific member’s billing cycle.” the statement reads
The world’s largest provider of streaming video, Netflix, has been looking for ways to gain more customers than some of its main rivals, like Disney+.
In its earnings statement to shareholders on October 18 of the previous year, Netflix stated that it had successfully doubled its growth expectations, increasing the number of its subscribers to 223 million.
Launching a less expensive, ad-supported plan is one of the strategies.
It’s possible that the decision to reduce subscription fees in Sub-Saharan Africa was influenced by a similar desire to expand platform subscribers while simultaneously meeting the company’s goal of providing greater value to its clients.
According to the revised rates, users in Sub-Saharan Africa to its mobile plan would pay $1 less than they did previously, while those to its basic plan would pay $4 less. The cost for standard and premium subscribers would decrease by $2 each.
The first quarter report for the streaming platform, which will be announced in the coming months, may show a further increase in subscriptions as a result of the increased pricing in Kenya and Sub-Saharan Africa.
This approach could help it defeat rivals like Amazon Prime Video, Disney+, HBO/HBO Max, and Hulu, who are increasing their member bases to challenge Netflix for market share.