Netflix has recently implemented price hikes on specific subscription plans. As of October 18, the streaming platform communicated to its shareholders that pricing adjustments have been introduced in the United States, United Kingdom, and France.
In the shareholder’s letter, Netflix conveyed, “While we mostly paused price increases as we rolled out paid sharing, our overall approach remains the same — a range of prices and plans to meet a wide range of needs, and as we deliver more value to our members, we occasionally ask them to pay a bit more.”
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Which Netflix Plans Are Affected by Price Increases in the US?
The pricing for Netflix with ads at $6.99 and the standard plan at $15.49 will remain unchanged. Nevertheless, the basic tier will see an increase to $11.99, and the premium tier will be priced at $22.99.
“Our starting price is extremely competitive with other streamers and at $6.99 per month in the US, for example, it’s much less than the average price of a single movie ticket,” said Netflix.
The basic plan, which is no longer available for new or returning subscribers, is comparable to the standard plan but provides streaming in HD (720p) resolution.
Which Netflix Plans Are Affected by Price Increases in the UK and France?
In the U.K. and France, the pricing for Netflix with ads (£4.99/5.99€) and the standard plan (£10.99/13.49€) will remain unchanged. The basic plan in the U.K. will now be £7.99, while in France, it will be 10.99€. The premium plans will now be priced at £17.99 in the U.K. and 19.99€ in France.
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Why is Netflix increasing prices?
In recent years, streaming has presented “significant new opportunities,” according to the company, offering consumers increased convenience, choice, and control over their viewing experiences. The price hikes are ultimately aimed at supporting the growth of their content offerings.
“We want to sustain that virtuous cycle because when we partner with the best creators, we can delight our members, invest more in amazing TV series, movies and games and build an even more valuable business,” stated Netflix.
This announcement follows several months of Netflix’s efforts to curtail password sharing. They implemented a policy charging an additional $7.99 per month to add an extra member to an account. According to the most recent shareholder note, this policy has been rolled out in all regions where Netflix operates. The company stated, “The rate of cancellations remains low and has exceeded our expectations, with full-paying memberships showing strong retention.”
What is Netflix?
Netflix is a widely recognized online streaming platform that provides an extensive library of TV shows, movies, documentaries, and other entertainment content for subscribers to watch over the internet. Subscribers can access content through various devices, including smartphones, tablets, computers, smart TVs, and more. Netflix also produces its original content, known as “Netflix Originals,” including movies, TV series, and documentaries. The platform is known for its convenience, extensive content catalogue, and popular original productions.