Netflix (NFLX) has increased its subscription prices for consumers who subscribe to its Basic and Premium plans in the U.S., the U.K. and France, and possibly other countries in the future. The giant streaming platform posted its third quarter results and also announced the price hike. Netflix reported that its crackdown on multiple users of the same plan had resulted in an increase in the number of subscribers.
Netflix has announced a $2 increase in its Basic plan price and subscribers will now have to pay $11.99 per month. Premium plans have been hiked by $3 per month and subscribers will have to pay $22.99 per month.
Netflix has kept its entry-level plan the same at $6.99. This ad-supported plan is the least expensive plan from the streaming giant. The Standard Tier plan also remains the same at $15.49.
The Los Gatos, California company reported earnings of $1.68 billion and revenue of $8.54 billion in the third quarter. This is an increase of 20 percent when compared with the same quarter last year. The company is predicting a much higher revenue in the current quarter and seems to have found growth, unlike newer streaming platforms that have also made small hikes in plan charges but are yet to find firm footing.
Netflix reported a 9 percent year over year hike in the number of subscribers, in paid membership plans. It has added 8.8 million subscribers in the last quarter. In the third quarter of 2022 Netflix had added 2.4 million subscribers. Netflix reported that it has 247 million paid subscribers from all over the world, in its third quarter. It has added over 16 million subscribers in the first nine months of 2023.
Netflix attributed its crackdown on shared subscriptions as one of the reasons for its increased numbers as many of these subscribers’ joined plans after they lost shared password access. It also reported an increase of membership in its advertising tier plans.
On its company’s earnings call co-CEO Greg Peters said that Netflix was looking at a much wider range of plans to grow its global subscribers’ base.
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