Netflix announced a drastic price hike for their basic and premium tiers, part of the ongoing trend of skyrocketing streaming costs.
Netflix's Q3 financial report came in today and with it came another price hike for the streamer effective immediately in the U.S., France, and the U.K. Subscribers on the streamer's basic or premium plan will see their bill go up from $9.99 to $11.99 and $19.99 to $22.99 respectively. No change was made to the $6.99 ad-supported plan or the $15.49 ad-free standard plan.
Notably, the basic plan increase won't affect new subscribers. In an effort to push toward profitability by getting customers on either the lucrative ad-supported plan or the more expensive standard subscription, Netflix removed the basic option altogether, leaving only existing subscribers who will get the unpleasant surprise hike. With that supposed hike looming once the strike ends, it's possible this won't be the last near-term increase customers will be expected to bear.
Netflix earlier claimed it would slow down with hikes as they implemented their widely unpopular password-sharing crackdown. In a letter shared with the Q3 earnings report, however, they largely walked that back and instead explained their reasoning for this more targeted increase.
Netflix Keeps Winning Big Despite Customer Frustration Although a ton of public ire has been directed at Netflix in 2023 for the password-sharing debacle, the elimination of the basic plan, and the many revelations about their lack of pay for actors on some of their biggest shows, this has been a strong year for Ted Sarandos and company. The Q3 results revealed the streamer gained another 9 million subscribers between July 1 and September 30.
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