Due to escalating inflation and the devaluation of the naira, major technology firms like Netflix, Google, DSTV, GOtv, and Microsoft have increased their subscription prices in Nigeria.
The naira fell from N768.16/$ in July 2023 to N1609.29/$ in July 2024, impacting business operations and consumer purchasing power. Record-high inflation reached 34.19 percent in June 2024.
Netflix, which has raised its prices twice in less than six months, saw its premium plan jump from N5,000 to N7,000, with other plans also seeing significant increases. MultiChoice similarly raised its tariffs, citing the fluctuating naira, with its Premium package rising to N37,000 from N29,500.
Microsoft increased its Microsoft 365 subscription prices from N36,999 to N49,999 within ten months, reflecting an 85.19 percent increase.These price hikes have led consumers to seek alternatives, including illegal download and streaming sites.
Despite the economic challenges, the demand for internet content has surged, with monthly internet usage growing by 501.99 percent since 2019. Companies attribute the price adjustments to local market changes and the need to maintain service quality amidst rising operational costs.