Netflix price increase causes fans to threaten cancellations
Premium subscribers will pay £17.99 a month (up from £15.99), while the streaming giant said the price of its basic ad-free subscription would rise from £6.99 a month to £7.99.
The increase comes after the US company announced it had added 8.8 million subscribers between July and September – more than expected – in part due to its move to crack down on password sharing.
It has an additional fee was introduced to make it possible for more than one household share the same accountwhich the company said accounted for around 30% of new sign-ups in the countries where it was available.
Netflix said that many users appeared to choose this option rather than terminate the service.
The streaming company’s latest financial results showed quarterly revenue rose 7.8% year-on-year to $8.5bn (£7bn) and profit was $1.67bn (£1.38bn).
The surge has left many Netflix subscribers in distress cancel your subscriptionS.
On X, formerly known as Twitter, one said: “I want everyone to cancel their Netflix subscription.”
While another added: “I will be canceling my subscription.”
A third said: “They don’t even have good shows to do this… and the audacity to charge higher prices when they refuse to pay the actors a percentage of it.”
A fourth disgruntled customer chimed in
Ben Barringer, equity research analyst at Quilter Cheviot, said: “After a difficult few years, Netflix’s turnaround is complete as recent efforts to crack down on password sharing and subscriber churn have paid off.”
“The latest numbers have been strong: subscriptions were well above market expectations and margins also increased.
“In fact, they are now anticipating double-digit revenue growth and there is no reason why they cannot go on from here and cement their place at the top of the film and television hierarchy.”
“There will be further price increases in the US from 2024 onwards and with a strong content offering and the fact that it is less affected by the US writers and actors strikes, it is set up for a strong future.”
