Netflix is getting another price increase internationally. In its third-quarter earnings results, the streamer confirmed that while the crackdown on password sharing initially inconvenienced its customers, it paid off in the long run, with the company adding 8.8 million new subscribers. This brings the total to 247.15 million Netflix members, a huge jump from the July report of 238 million. This increases the prices of Basic and Premium subscriptions starting today in the US, UK and France. A report earlier this month hinted at an impending hike, even though it was expected to kick in after the ongoing strike by Hollywood actors ended.
“As we provide more value to our members, we occasionally ask them to pay a little 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, this is much less than the average price of a single cinema ticket.” We’ve seen this emerging trend on other streaming platforms too, with Disney+ and Max (formerly HBO Max) increasing their fees to curb financial losses, with the former also joining Netflix in limiting account sharing among its users by continually monitor their activities. . Netflix’s last recorded price increase occurred in January 2022, which saw a small increase of about $1 to $2 per month. The price increase is similar this time.
In July, Netflix removed access to the Basic ad-free plan in the US and UK, giving new budget-conscious subscribers the option to watch ads or jump straight to the expensive $15.49 (approximately Rs. 1,290) ad . -free subscription. But now, that ad-supported basic subscription – still available for old subscribers – jumps from $9.99 (approximately Rs. 832) to $11.99 (approximately Rs. 998) in the US. Meanwhile, the Premium plan, which offers 4K Ultra HD visuals on up to four devices simultaneously, will go up from $19.99 (approximately Rs. 1,664) to $22.99 (approximately Rs. 1,914). Pricing for the Standard plan remains the same across all regions. During the earnings call, it was also revealed that Netflix will remove the basic subscription in Germany, Spain, Australia, Mexico and Japan next week.
In Britain, the price of the Basic plan increases from GBP 6.99 (approximately Rs. 705) to GBP 7.99 (approximately Rs. 807), while the Premium changes from GBP 15.99 (approximately Rs. 1,614) to GBP 17.99 (approximately Rs. 1,816). . Customers in France will see the Basic plan increase to €10.99 (approximately Rs. 964) and the Premium plan to €19.99 (approximately Rs. 1,753). It’s unclear if this Netflix price increase is the final version or if the company has anything else planned for when the actors’ strike eventually comes to an end – as plans for a global distribution are still underway.
For now, Netflix has a steady stream of content planned for release, which it is using as justification for the price hike, crediting the One Piece live-action series as a major contributor to its subscriber growth. The adaptation was recently renewed for a second season. In November, the streamer will host 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 have David Fincher’s critically acclaimed film The murderer release on November 10, followed by the Scott Pilgrim anime on November 17, and the reality show Squid Game debuts on November 22.
