Blessing Nkama
Netflix is increasing subscription prices this month in both the UK and the US, despite recent success in banning password sharing.
Raising its monthly prices for 2 of its plans
The popular streaming service has announced it’s raising its monthly prices for 2 of its plans; the basic plan to £7.99 (a 14% increase) and the premium plan to £17.99 (a 13% increase).
In the US, users will have to pay $11.99 for the basic plan and $22.99 for the premium plan.
This rise follows its recent success in banning password sharing, in which users who shared a Netflix account had to pay an extra £4.99 per month to continue sharing.
8.8 million new users
Despite the extra fee, Netflix users have increased in recent months as people joined their cheaper plans that feature Ads. Between July to September 2023, Netflix reported that 8.8 million new users joined its network.
Netflix attributes this increase to having the ‘right mix of original hits and licensed fan favourites’ such as Suits.
“A range of prices and plans to meet a wide range of needs” [Netflix]
Reacting to this new charge, Timi, a Pharmacy student at the University of Nottingham expressed disbelief at the price rise and commented it wasn’t worth paying a high price for entertainment, especially during a cost of living crisis.
Netflix released a letter to their shareholders to explain this increase: “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…”
Blessing Nkama
Featured image courtesy of Venti Views via Unsplash. Image license found here. No changes were made to this image.
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