What you need to know
- Netflix has announced an immediate price hike for select subscribers in the United States, France, and the UK.
- In the US, the Basic and Premium plans will increase to $11.99 and $22.99 per month, respectively.
- The Ad plan and Standard plan will remain the same price.
The streaming giant Netflix dropped its latest earnings report on Wednesday, and amid news about revenue growth and an increase in subscribers, the streaming service also announced that they would be increasing prices on a number of their subscription plans.
As a result of the price hike, the monthly cost of the Basic and Premium plans in the United States will increase to $11.99 and $22.99, respectively. In the United Kingdom, the Basic and Premium plans will increase to £7.99 and £17.99 per month, while French subscribers will see an increase to €10.99 and €19.99 for the same two plans. Keep in mind that Netflix ditched the Basic plan in the U.S. and U.K. earlier this year, although current Basic subscribers can remain on the plan until they cancel or change plans.
The change goes into effect immediately.
This price increase follows Netflix's recent crackdown on password-sharing and the introduction of the new Basic with Ads plan last year. Netflix is also the latest in a long line of streaming services to have increased their prices in 2023, joining the likes of Disney Plus, Paramount Plus, and Max.
The last time Netflix raised prices was in January 2022, when its plans increased by as much as $2 per month.
In addition to news about the price increase, Wednesday's earnings report revealed that Netflix added 8.8 million subscribers in the last quarter alone, an increase of 9% compared to last year. As a result of this boost in membership, the streaming giant also generated $8.54 billion of revenue last quarter, which is ahead of forecast.
This success is likely to be attributed to the aforementioned password-sharing crackdown, which could encourage other streaming services to follow suit — much to the chagrin of subscribers.
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