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Netflix just announced it’s raising prices

Written by on October 18, 2023

  • Netflix is raising prices on certain subscription plans.
  • The plan will affect two of the streamer’s ad-free plans.
  • The price hike comes after a password crackdown and successful third quarter at Netflix.

Your Netflix monthly bill might be about to go up — again.

The streaming giant is rolling out price increases for subscribers in the US, UK, and France. Netflix’s lowest tier ad-free plan — available only to existing members — will go from $9.99 per month to $11.99. The $19.99 premium plan will go up to $22.99.

The $6.99 subscription that includes ads and the $15.49 ad-free standard planwill maintain their costs.

Netflix announced the change in its on the heels of its its biggest quarter of subscriber growth since 2020 — largely due to its crackdown on password-sharing. The company beat analysts’ earning predictions, and shares spiked 12% after the market closed on Wednesday.

The move to raise prices — even as its subscriber base continues to expand — shows the streamer will continue to push to grow its profits.

Mark Schilsky, a sales specialist at Bernstein Research, predicted that Netflix and its fellow streaming competitors would take advantage of their “significant untapped pricing power” in August.

The price hike is Netflix’s first price increase since January 2022, when it upped the standard plan from $14 to $15.49 and the premium plan from $18 to $19.99.

Although Netflix has continued to pump out its own originals amid writers’ and actors’ strikes, the legal drama “Suits” dominated the quarter — a decade after it first aired on USA.

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