Netflix confirms its prices are going up for multiple different plans
Netflix users will have to start coughing up a bit more cash to watch its shows as the streaming services has confirmed price increases across different plans.
The price increase came into play on Wednesday (18 October), after Netflix reported a strong quarter with almost nine million new subscribers globally.
The influx of new viewers shattered predictions set by Wall Street analysts and sent shares surging by 13 percent, but while it's good news for Netflix, viewers with certain plans are taking a hit to their bank accounts.
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In the US, the platform has increased the costs of its basic plan, which is the lowest tier available without advertising, as well as its premium plan, which allows users to watch in Ultra HD on supported devices and download on six supported devices at a time.
Netflix's plan with adverts, as well as its standard plan, will remain the same price at $6.99 and $15.49, respectively.
Plans which are subject to the increase have gone up by $3, with the basic plan increasing from $9.99 to $11.99, while the premium plan will increase from $19.99 to $22.99.
The basic plan will also no longer be available for new members in the US.
Netflix users in the UK and France haven't escaped the increases, with the cost for premium rising by £2 to £17.99 in Britain and by €2 to €19.99 in France.
On its website, Netflix addresses its price increases and explains: "As we continue to add more TV shows, movies, and games and introduce new product features, our plans and prices may change.
"We also may adjust plans and pricing to respond to local market changes, such as changes to local taxes or inflation."
Those impacted by price increases should be notified by email one month before the billing date on which the price will increase, though users can also change and compare plans on the Netflix website.
In its third-quarter shareholder letter, the streaming service said: "While we mostly paused price increases as we rolled out paid sharing, our overall approach remains the same — a range of prices and plans to meet a wide range of needs, and as we deliver more value to our members, we occasionally ask them to pay a bit more."
Greg Peters, co-CEO of Netflix, has not commented on when there may be price increases on other plans, but said the timing would fit in with the company's 'philosophy' of 'occasionally' raising prices to continue delivering better content.
After announcing its quarterly results, Netflix co-CEO Ted Sarandos spoke about the ongoing actors' strike, saying: "These are the times I'm glad we have such a rich and deep and broad programming selection.
"The same was true during Covid, when we were able to manage the slate through a prolonged and pretty unpredictable production interruption."
Emily Brown