Netflix Hikes Subscription Prices in these countries
Posted by Suman Sourav
Nov-04-2023 09:11:PM
Category: Lifestyle

Netflix, one of the world's leading streaming platforms, has announced a price hike for its Basic and Premium tier plans in the United States, the United Kingdom, and France. This decision comes on the heels of a successful third quarter, where the company reported an impressive addition of 8.8 million new subscribers, bringing the total number of Netflix members to a staggering 247.15 million. The price increase was anticipated and was originally expected to coincide with the conclusion of the ongoing Hollywood actors' strike, but it has been implemented with immediate effect.

Netflix's strategy, including cracking down on password sharing, seems to have paid off. Despite initial concerns from its customers, the company's efforts to deliver more value have attracted millions of new subscribers. The company released a statement explaining the rationale behind the price increase, stating, "As we deliver more value to our members, we occasionally ask them to pay a bit more. 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."

This price increase aligns with a broader industry trend, with other streaming platforms like Disney+ and Max (formerly HBO Max) also raising their subscription costs to offset financial losses. These platforms are increasingly adopting measures to restrict account sharing, thus ensuring that they can continue to provide a high-quality streaming experience. The last Netflix price hike occurred in January 2022, with a minor increase of about $1 to $2 per month. This time, the price bump is similar in scale.

In recent months, Netflix made changes to its subscription plans by discontinuing access to the Basic ad-supported plan in the US and the UK. New subscribers were given the choice to endure ads or opt for the ad-free plan at a higher cost. Now, the ad-supported Basic plan is seeing its price increase from $9.99 to $11.99 in the US, though existing subscribers retain their old pricing. The Premium tier plan, which offers 4K Ultra HD streaming on up to four devices simultaneously, is being adjusted from $19.99 to $22.99. Notably, the prices for the Standard plan will remain unchanged across all regions.

Additionally, Netflix is discontinuing the Basic plan in Germany, Spain, Australia, Mexico, and Japan in the coming week. The price adjustments are not confined to the US, as customers in the UK will see the Basic plan price rise from GBP 6.99 to GBP 7.99, and the Premium plan will increase from GBP 15.99 to GBP 17.99. In France, the Basic plan is moving up to EUR 10.99, while the Premium plan will be priced at EUR 19.99.

It remains uncertain whether this price hike is the final iteration or if Netflix has further plans related to the ongoing actors' strike, as there are still considerations for a global rollout.

Netflix is justifying these price adjustments by promising a robust content slate in the coming months. They credit their subscriber growth to highly anticipated shows and series like "One Piece," which recently secured a second season, and upcoming releases such as "The Killer," "Scott Pilgrim," and the debut of the reality show "Squid Game." Furthermore, Netflix is venturing into live sporting events with "The Netflix Cup," featuring F1 racers and professional golfers in an eight-hole match, demonstrating their commitment to diversifying their content offerings.
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