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Netflix has finally broken its silence over its alleged exit from Nigeria.
The Eastern Updates reports that there are speculations that Netflix has exited the Nigeria market due to the country’s economic challenges, as well as regulatory pressures.
Reacting to the viral reports, Netflix in a statement sent to TechCabal, stated that it remains firmly committed to its operations in Nigeria.
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While dismissing the rumors, the firm said it will continue to invest in Nigerian stories to delight its audience.
“We are not exiting Nigeria. We will continue to invest in the country’s stories to delight our members.”
The Eastern Updates also reports that Netflix which entered the Nigerian market in 2016, has elevated many local content to a global audience.
The Eastern Updates reports that there are speculations that Netflix has exited the Nigeria market due to the country’s economic challenges, as well as regulatory pressures.
Reacting to the viral reports, Netflix in a statement sent to TechCabal, stated that it remains firmly committed to its operations in Nigeria
While dismissing the rumors, the firm said it will continue to invest in Nigerian stories to delight its audience.
“We are not exiting Nigeria. We will continue to invest in the country’s stories to delight our members.”
The Eastern Updates reports that Netflix which entered the Nigerian market in 2016, has elevated many local content to a global audience.
Earlier this year, Showmax, another streaming service provided by Multichoice, also raised its prices, resulting in a significant loss of subscribers. As a result, many Nigerians are shifting towards free-to-air channels as they cope with economic pressures.
On its website, Netflix explained, “As we continue to add more TV shows and movies and introduce new product features, our plans and prices may change. We also may adjust plans and pricing to respond to local market changes, such as changes to local taxes or inflation.”
The latest price increase follows a previous hike implemented three months ago, reflecting Netflix’s strategy to adjust pricing in response to local economic conditions and rising operational costs.
Netflix offers four subscription plans in Nigeria: Mobile, Basic, Standard, and Premium. The Mobile plan, suitable for one user per device, will now cost ₦2,200, up 83% from ₦1,200. The Basic plan has increased by 21% to ₦3,500 per month, up from ₦2,900. The Standard plan, which allows high-definition streaming on two devices simultaneously, has risen by 37.5% from ₦4,000 to ₦5,000. The Premium plan now costs ₦7,000 per month, providing Ultra HD quality on four devices simultaneously, along with download options on six devices.
