United States: Netflix has increased prices for some subscription plans as it said the firm has succeeded in its recent crackdown on password sharing.
The popular streaming service announced it would raise monthly fees for its ad-free plans in the US, UK, and France, with some increases of up to $3. This decision shows the company’s increased confidence following its acquisition of 8.8 million subscribers between July and September 2023.
Netflix has raised the monthly price of its premium ad-free plan by $3 to $22.99 in the US, by $2.4 to $21.84 in the UK, and by $2.11 to $21.06 in France.
There have been concerns about Netflix’s ability to attract new members due to increased competition, rising prices, and delays in new releases caused by a Hollywood strike.
In the first six months of the previous year, Netflix lost approximately one million subscribers, causing concern. In the latest quarter, a significant amount of subscriber growth came from a new feature that allows multiple households on a single account for an additional fee, which is slightly less than half the cost of its standard ad-free plan priced at $13.33.
Additionally, the introduction of a more affordable plan with ads attracted around 30 percent of sign-ups in the countries where it was offered, as per Netflix.
Netflix has expressed confidence in its library, emphasizing the combination of successful original content and specially licensed classics to maintain audience engagement. They pointed out “Suits,” the legal drama famous for featuring Meghan Markle, as an example of such a fan favorite.
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