Netflix announced a price increase for its Basic and Premium plans. The Basic plan will now cost $11.99 per month, up from $9.99, while the Premium plan will cost $22.99 per month, up from $19.99. The Standard plan will remain at $15.49 per month, and the ad-supported plan will remain at $6.99 per month.
The price hike comes as Netflix reported strong third-quarter earnings. The company reported revenue of $8.5 billion. It added 9 million paid net subscribers with a total of 247 million subscribers worldwide.
Netflix says that its adoption of its advertising plan is growing, with a nearly 70% increase in membership quarter-over-quarter. Around 30% of new sign-ups in countries with the ads plan are opting for it.
In the United States, Netflix boasts achievements, having the most-watched original series for 37 out of the first 38 weeks of 2023 and the most-watched movie in 31 of those 38 weeks, according to Nielsen data. The company’s share of TV screen time in the US reached 8% in September, which is greater than any other streaming service except YouTube.
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“The last six months have been challenging for our industry given the combined writers and actors strikes in the US. While we have reached an agreement with the WGA, negotiations with SAG-AFTRA are ongoing. We’re committed to resolving the remaining issues as quickly as possible so everyone can return to work making movies and TV shows that audiences will love,” the company said in a report meant for shareholders.
Netflix in its Q2 earnings of 2023 reported adding 5.89 million new paid subscribers. The company attributed this growth to its password-sharing crackdown. The company this year took serious efforts to curb the password-sharing menace. It now sends out an email to subscribers sharing passwords outside their household. It will also start blocking the accounts that don’t pay for the service.
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