Netflix Hikes Subscription Prices Again, Adds 8.8 Million New Subscribers

The price increase will take immediate effect in the US, the UK, and France.

Written by Rahul Chettiyar, Edited by Manas Mitul | Updated: 19 October 2023 13:29 IST

Netflix Hikes Subscription Prices Again, Adds 8.8 Million New Subscribers

Photo Credit: Unsplash/ @freestocks

Reports suggest that Netflix might be planning another price hike after the actors' strike

Highlights

In US, the Basic plan has jumped from $9.99 to $11.99; Premium to $22.99
The last Netflix price hike was in January 2022; costs climbed by $1–$2
As of Q3 2023, Netflix’s total subscriber count has gone up to 247.15 mil

Netflix is getting another price hike internationally. In its Q3 earnings results, the streamer confirmed that while the password sharing crackdown initially bothered its customers, it has paid off in the long run, with the company adding 8.8 million new subscribers. This brings the total to 247.15 million Netflix members, marking a huge jump from its July report of 238 million. With that, prices of Basic and Premium tier plans are being increased in the US, the UK, and France, starting today. A report from earlier this month alluded to an imminent hike, albeit it was expected to be deployed after the ongoing Hollywood actors' strike ended.

“As we deliver more value to our members, we occasionally ask them to pay a bit more,” Netflix said in a prepared statement (via The Verge). “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.” We've been seeing this emerging trend among other streaming platforms as well, with Disney+ and Max (previously HBO Max) raising their costs to curb financial losses, with the former also joining Netflix in restricting account sharing among its users by constantly monitoring their activity. The last recorded Netflix price hike was in January 2022, which brought a minor increase of about $1 to $2 monthly. The price bump is similar this time.

Back in July, Netflix removed access to the Basic ad-free subscription plan in the US and the UK — giving new budget-conscious subscribers the option to either sit through advertisements or jump directly onto the expensive $15.49 (about Rs. 1,290) worth ad-free plan. But now, that ad-supported Basic plan — still available to old subscribers — is jumping from $9.99 (about Rs. 832) to $11.99 (about Rs. 998) in the US. Meanwhile, the Premium tier plan, which grants 4K Ultra HD visuals on up to four devices at a time, is going up from $19.99 (about Rs. 1,664) to $22.99 (about Rs. 1,914). The Standard plan prices remain the same across all regions. During the earnings call, it was also revealed that Netflix will be removing the Basic plan in Germany, Spain, Australia, Mexico, and Japan, next week.

In the UK, the Basic plan price rises from GBP 6.99 (about Rs. 705) to GBP 7.99 (about Rs. 807), whereas the Premium changes from GBP 15.99 (about Rs. 1,614) to GBP 17.99 (about Rs. 1,816). Customers in France will see the Basic plan move up to EUR 10.99 (about Rs. 964) and the Premium plan to EUR 19.99 (about Rs. 1,753). It's unclear whether this Netflix price hike is the finalised version or if the company has still got something planned for when the actors' strike eventually comes to a close — considering there are still plans for a global spread.

For now, Netflix has a steady slate of content planned for release, which it is using as a justification for the price hike, attributing the One Piece live-action series as a major contributor to its subscriber growth. The adaptation recently got renewed for a second season. In November the streamer is hosting its first live sporting event — The Netflix Cup, in which a group of F1 racers and professional golfers team up to play an eight-hole match. Then we've got David Fincher's critically-acclaimed The Killer releasing on November 10, followed by the Scott Pilgrim anime on November 17, and the Squid Game reality show debuting November 22.

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