Netflix is once again raising its subscription prices in the US, UK, and France. The Basic plan, which previously cost $9.99 per month, will now be priced at $11.99. Premium plan subscribers, who used to pay $19.99 per month, will see an increase to $22.99 per month. This is the second price increase by Netflix in the same year. However, the prices for the ad-supported plan at $6.99 per month and the Standard tier at $15.49 per month will remain unchanged.
Netflix justifies the price increase by claiming that it delivers more value to its members and may occasionally ask them to pay a bit more. They stated that they have a range of prices and plans to meet various needs, and as they provide more value to their members, they may occasionally request a modest fee increase.
According to Netflix’s co-CEO Ted Sarandos, their starting price remains very competitive compared to other streaming services. They point out that their monthly cost in the US is $6.99, which is significantly less than the average price of a movie ticket.
Netflix has been gradually increasing its efforts to curb password sharing. Despite some backlash, their strategy has been successful, with Q3 results revealing a gain of 9 million subscribers between July and September 2023. The company has attracted many subscribers in the Asia-Pacific region, including India. However, the revenue per membership in the APAC region has decreased from $8.34 a year ago to $7.62 as of September 2023.
In India, Netflix’s prices for all tiers will remain the same, with the mobile plan at Rs 149 per month, the basic plan at Rs 199 per month, and the Standard and Premium plans priced at Rs 499 and Rs 649, respectively.
