Netflix, an American-owned subscription-based viewing and online streaming company seem to be on the verge of losing its grip on the Nigerian market as it slashed its subscription price for Nigerians to access its streaming platform.
Netflix happens to be challenged due to the fast rise of domestic companies, such as Iroko TV, Nevada BridgeTV, CongaTV, Ibaka TV and Funke Akindele’s SceneOne TV. Netflix is currently at a price war with the local companies as regards affordability and availability of numerous contents to retain existing subscribers and attract new ones.
In order not to fizzle out of the Nigerian market, Netflix has slashed its subscription price to N1,640 per month ($3.99). It has also introduced a new payment model, known as ‘Mobile-Only Subscription
Among the Domestic Companies, the closest to competing with Netflix is Iroko TV with over one million (1,000000) subscriber-based downloads. Iroko charges N10,000 ($24.30) per year. Netflix’s mobile-only plan will be competing with that of IrokoTV, which also has its package for movie consumers within the country and other African markets.
Commenting on the price slash, Vice president of Product Innovation at Netflix, Keela Robinson, said: “We always want to make it easier for members to access their favourite series or movies regardless of language, device, connectivity, or location.”
Netflix and Iroko are aggressively competing with unlimited content on their platform, and also, global award consideration. They both have global recognition with high profiled investors across the globe.
The next in line is SceneOne TV, owned by Nigerian star Actress/Producer, Funke Akindele. SceneOne has over a hundred thousand (100,000) downloads since the inception of its mobile App in 2019. SceneOne TV charges N600 ($1.5).
Nevada has over ten thousand (10,000) downloads and it offers its limited Nollywood third-party and Original archive at a low price of N750 [$1.82] per month.