More Price Hikes Will Be Coming To Netflix Subscribers In The US
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At the latest earnings call for the third quarter of 2023, Netflix announced yet another price increase. The monthly cost for the streaming giants's basic plan will rise to $ 11.99 (up from $ 9.99), while the price of the premium plan will be increased to $ 22.99 (up from $ 19.99). The basic plan is no longer available to new subscribers in the US but will hit existing customers, and the premium plan is the only one offering streaming in Ultra HD, spatial audio, and the ability to watch on up to four devices at once.
Similar price increases will happen to Netflix users in the UK (£ 7.99 resp. £ 17.99) and France (€ 5.99 resp. €19.99). Prices for the ad-supported ($ 6.99 per month in the U.S.) and standard ($15.49) tiers remain unchanged for now.
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In a letter to its shareholders, Netflix said: "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."
Starting today, Netflix's new price tiers in the US will be as follows:
Standard (ad-supported): $ 6.99
Basic (for existing subscribers): $ 11.99
Standard: $ 15.49
Premium: $ 22.99
Netflix's subscriber base grew by 8.8 million in the third quarter of 2023 (compared to 2.4 million in Q3 2022), and revenue rose from $ 7.9 billion to 8.54 billion year-to-year.
The growth in subscriber numbers is likely due to Netflix's continuous effort to crack down on password sharing between households. Netflix said the cancel reactions to the password sharing limitation "continues to be low" and exceed its expectations.
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