Netflix raises subscription prices on a relatively regular basis, and the latest price hike has now gone into effect in the US. Members have reported receiving email notifications of the price jump going into effect for the next billing cycle, while some might already be paying the higher rates.
A spokesperson for Netflix told The Verge that the new, more expensive subscription rates are rolling out over the period of multiple weeks. Some might have already been informed of the changes, and others may still be waiting to hear. But in any event, plans are getting more expensive across the board.
Netflix’s latest price hike, which was announced in January, raises the price of the Basic plan from $9/month to $10/month, with the Standard rate jumping from $14/month to $15.50/month. The Premium plan, the only one to offer 4K, is rising from $18/month to $20/month.
Netflix has said users will receive an email about price changes 30 days before it goes into effect. Members can cancel at any time.
New Netflix Prices
- Basic — $10/month
- Standard — $15.50/month
- Premium — $20/month
Netflix’s new rates
Netflix is also now further cracking down on password-sharing and charging members on the same plan but outside the household a fee. This change is live in Chile, Costa Rica, and Peru, and could be implemented in other parts of the world later on.
Chengyi Long, the director of product innovation at Netflix, announced in a blog post that password-sharing is “impacting our ability to invest in great new TV and films.”
Netflix has never offered an ad-supported version, and executives at the company have always taken a hard line against this, but the company signaled this could potentially change in the future, or at least the streaming platform is open to considering it. During a recent investor briefing, CFO Spencer Neumann said Netflix has a “never-say-never” attitude about offering an ad-supported version.
Netflix raising subscription prices and cracking down on password-sharing comes just after the company announced it made $29.7 billion in revenue and a profit of $5.1 billion in 2021, while Netflix’s co-CEOs Ted Sarandos and Reed Hastings made more than $70 million in pay that year.
Beyond TV and film, Netflix is now buying video game studios to create games based on Netflix properties. Just this week, the company announced it had acquired Boss Fight as part of its effort to build a “world classic” game development pipeline.
For more on Netflix, check out all the TV shows and movies coming to the platform in April 2022.
Source: Gamespot
