Netflix really knows how to take the wind out of everyone’s sails. The streaming giant announced on Wednesday that it would further increase the prices of its Basic and Premium plans, increasing the subscriptions to $12 and $23, respectively.
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As Crushable‘s Sam Haysom reported earlier this month that Netflix had originally planned the price increase for the months after the end of the SAG-AFTRA strike. However, after contract negotiations with SAG-AFTRA broke unexpectedly Because of the big Hollywood studios, Netflix seems to have no longer been able to pull the trigger.
That means those previously on Netflix’s basic plan – which the company discontinued earlier this year – will now have to pay $12 instead of $10. And for premium subscribers, the price will rise from an already absurd $20 to $23. In its earnings report, Netflix confirmed that it would maintain the prices of its ad-supported tier and standard plan at $6.99 and $15, respectively. The platform last increased prices in 2022 and has been doing so continuously since 2017.
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“Our starting price is extremely competitive compared to other streamers and, for example, is $6.99 per month, much lower than the average price of a single movie ticket in the United States,” the company wrote in its earnings report.
While it will certainly be an unpopular move, it appears that Netflix is undeterred by rumors of backlash and is looking to strike while the iron is hot. Thanks to the crackdown on password sharing, the platform has more subscribers than ever before, with over 247 million global subscribers. Memberships are up 10 percent since last year, and the company’s ad-supported plan now accounts for 30 percent of all new signups. according to Netflix’s SEC filings.