Netflix is raising its prices internationally. In its Q3 earnings results, the streaming service confirmed that while cracking down on password sharing initially bothered its customers, it has paid off in the long run, with the company adding 8.8 million new subscribers. This brings the total number of Netflix members to 247.15 million, a significant increase from its July report of 238 million. As a result, the prices of Basic and Premium tier plans are being raised in the US, the UK, and France, starting today. A recent report suggested that a price increase was imminent, although it was expected to be implemented after the ongoing Hollywood actors’ strike ended.
“As we deliver more value to our members, we occasionally ask them to pay a bit more,” Netflix said in a prepared statement (via The Verge). “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.” We’ve been seeing this emerging trend among other streaming platforms as well, with Disney+ and Max (previously HBO Max) raising their costs to curb financial losses, with the former also joining Netflix in restricting account sharing among its users by constantly monitoring their activity. The last recorded Netflix price hike was in January 2022, which brought a minor increase of about $1 to $2 monthly. The price bump is similar this time.
Back in July, Netflix removed access to the Basic ad-free subscription plan in the US and the UK — giving new budget-conscious subscribers the option to either sit through advertisements or jump directly onto the expensive $15.49 (about Rs. 1,290) worth ad-free plan. But now, that ad-supported Basic plan — still available to old subscribers — is jumping from $9.99 (about Rs. 832) to $11.99 (about Rs. 998) in the US. Meanwhile, the Premium tier plan, which grants 4K Ultra HD visuals on up to four devices at a time, is going up from $19.99 (about Rs. 1,664) to $22.99 (about Rs. 1,914). The Standard plan prices remain the same across all regions. During the earnings call, it was also revealed that Netflix will be removing the Basic plan in Germany, Spain, Australia, Mexico, and Japan, next week.
In the UK, the Basic plan price rises from GBP 6.99 (about Rs. 705) to GBP 7.99 (about Rs. 807), whereas the Premium changes from GBP 15.99 (about Rs. 1,614) to GBP 17.99 (about Rs. 1,816). Customers in France will see the Basic plan move up to EUR 10.99 (about Rs. 964) and the Premium plan to EUR 19.99 (about Rs. 1,753). It’s unclear whether this Netflix price hike is the finalised version or if the company has still got something planned for when the actors’ strike eventually comes to a close — considering there are still plans for a global spread.
For now, Netflix has a steady slate of content planned for release, which it is using as a justification for the price hike, attributing the One Piece live-action series as a major contributor to its subscriber growth. The adaptation recently got renewed for a second season. In November the streamer is hosting its first live sporting event — The Netflix Cup, in which a group of F1 racers and professional golfers team up to play an eight-hole match. Then we’ve got David Fincher’s critically-acclaimed The Killer releasing on November 10, followed by the Scott Pilgrim anime on November 17, and the Squid Game reality show debuting November 22.
