Netflix is implementing a price increase for its Basic and Premium tier plans in the US, the UK, and France. This move comes after the streaming giant added 8.8 million new subscribers, bringing its total subscriber count to 247.15 million by Q3 2023. The Basic plan’s price in the US is rising from $9.99 to $11.99, while the Premium plan is increasing to $22.99. This marks the second price hike from Netflix in a year, with the previous increase taking effect in January 2022.
Netflix stated that it occasionally raises prices as it delivers more value to its members and justified the increase by highlighting its competitive starting price compared to other streaming services. This price hike is seen as a response to the company’s effort to curb financial losses and restrict account sharing, a trend also observed with other streaming platforms like Disney+ and Max (formerly HBO Max).
In addition to the price increase, Netflix has removed the Basic plan in some countries, including Germany, Spain, Australia, Mexico, and Japan. The company has not confirmed whether this price hike is final or if there are additional changes planned for the future, possibly linked to the resolution of the ongoing Hollywood actors’ strike.
The streaming platform’s steady content lineup includes the One Piece live-action series, a live sporting event called The Netflix Cup featuring F1 racers and professional golfers, David Fincher’s The Killer, the Scott Pilgrim anime, and the debut of a Squid Game reality show.
This price increase reflects Netflix’s strategy to maintain its dominant position in the streaming market while investing in new content to attract and retain subscribers.
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