Netflix announces price hike in US and these countries – How much more it will cost you to binge?

Netflix announces price hike in US and these countries – How much more it will cost you to binge?

In a move that may affect your binge-watching habits, Netflix has announced price hikes for certain subscription plans in the U.S., U.K., and France starting this week. In the U.S., the basic plan, which no longer accepts new members, will see a price increase from $9.99 to $11.99, while the premium plan, offering Ultra HD and simultaneous streaming on six devices, will jump from $19.99 to $22.99. However, the standard plan at $15.49 and the ad-supported plan at $6.99 will remain unchanged.

Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado Ruvic(REUTERS)

A spokesperson from Netflix stated, “Our 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.”

Meanwhile, in the U.K. and France, the basic plan will now cost 7.99 pounds and 10.99 euros, respectively. Standard plans will be raised to 17.99 pounds and 19.99 euros in these countries. The changes come as Netflix continues to expand its offerings, including a new advertising tier, which has seen a significant increase in membership.

Netflix Co-CEO Greg Peters emphasized the company’s commitment to providing top-notch content, stating, “We anticipate incremental acquisition and adds for the next several quarters.” The price hikes coincide with Netflix’s ongoing efforts to crack down on password sharing, a move aimed at converting freeloaders into paying subscribers.

Despite these changes, Netflix remains optimistic about its future growth, targeting not only new users but also former subscribers. In addition to raising subscription prices, Netflix has implemented various strategies to boost its revenue, such as clamping down on password sharing and introducing an ad-supported streaming option. These initiatives have contributed to the company’s financial success, as evidenced by its third-quarter earnings report where the company’s net profit experienced significant growth, rising by 20% to reach $1.68 billion. Alongside these impressive financial figures, Netflix expanded its subscriber base by 8.8 million users.

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