Netflix, despite the ongoing Hollywood actors' strike, has initiated a fresh wave of price increases, impacting its basic and premium plans in several regions. The US, UK, and France will witness price adjustments. This move coincides with the expansion of content offerings and the launch of an eagerly anticipated live sporting event.
In the US, the basic plan will rise from $9.99 to $11.99, and the premium plan from $19.99 to $22.99. Similarly, in the UK, the basic plan will climb from £7.99 to £11.99, and the premium plan from £17.99 to £22.99. In France, the basic plan will shift from €9.99 to €10.99, and the premium plan from €19.99 to €22.99.
In response to criticisms following the recent increases, Netflix clarified saying in their third-quarter shareholder letter “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,”.
Citing the introduction of new TV shows, movies, and product features, the company aims to justify the incremental value provided to subscribers. Concurrently, Netflix has initiated a global crackdown on password sharing, and many anticipated a potential decline in memberships. Contrary to expectations, many previous non-paying users have transitioned into full-fledged subscribers, resulting in a notable 9% year-over-year surge in average paid memberships.
To ensure transparency and fairness, Netflix has announced that these price adjustments will apply universally, not solely to new members. The company has committed to providing detailed information about the price changes at least 30 days prior to the billing date for affected subscribers.
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