Yesterday, a report claimed that Netflix might increase the prices of its video streaming subscriptions right after the company’s earning calls on Wednesday. Well, the leak has turned out to be true. Netflix has hiked the prices of its video streaming plans in the US, UK, and France, making it more expensive for people to watch content on the platform.
Among the four subscription plans Netflix offers, the company has increased the prices of two. The Basic plan, which was earlier priced at $9.99 per month now costs $11.99 per month. Netflix has hiked the price of the Premium plan by $3. Earlier, it used to cost $19.99/month. Now, it costs $22.99/month. The prices of the Standard with ads and the Standard (without ads) plans have remained unchanged. Below is a chart of the old and new pricing of all the Netflix plans in the US, UK, and France.
Commenting on the price hike, the company 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. 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.”
Netflix announces The Netflix Cup and plans to open physical stores
The last time Netflix increased the prices of its subscriptions was in March 2022. So, this is the second price hike in just 20 months. Along with increasing the subscription prices, Netflix has also announced The Netflix Cup, the brand’s first-ever live sports event where F1 drivers will be paired with golfers for a golf match in Las Vegas. The company is also planning to open physical stores in the US, where it will sell merchandise and food, and offer live entertainment activities.
