Netflix, America’s streaming giant, has increased its subscription prices in Nigeria.

This is the second time in 2024 that the company is increasing its monthly subscription fees.

The company had hiked customers’ subscription rates in April.

According to the price update seen by TheCable on the company’s website on Wednesday, customers will now pay N7,000 monthly for the premium plan — up by 40 percent from N5,000.

Also, the streaming platform adjusted the subscription price for its standard plan, a popular option among Nigerian viewers, from N4,000 to N5,500, marking a 37.5 percent increase.

The firm implemented a 21 percent raise on its basic category, jacking up the subscription rate to N3,500 from N2,900.

The rate for the mobile plan — the lowest subscription category — was increased by 83 percent from N1,200 to N2,200.

Although Netflix did not give reasons for the hike, the development comes 17 months after the streaming giant reduced its subscription prices in more than 30 countries.

Some of the countries that benefitted from the gesture include Egypt, Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Kenya, Vietnam, Thailand, and the Philippines.

Nigerians are currently battling a large-scale economic hardship worsened by the rising cost of living in the country. With the inflation rate rising to 34.18 percent in June, companies are being forced to adjust their processes to remain profitable.

In April, Multichoice Nigeria announced plans to increase the cost of subscriptions for its DStv and GOtv packages. The new rates took effect from May 1.

The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.