Netflix Increases Subscription Prices After Record Subscriber Growth
Netflix announced price increases for some of its streaming subscriptions, citing the recent crackdown on password sharing as one of the factors behind the decision, reported Money Week report.
The streaming giant recently reported substantial subscriber growth, with nearly nine million households joining worldwide between July and September, the outlet reported. This surge in new subscribers is the most significant since the pandemic-fueled growth in 2020. Additionally, Netflix is anticipating an additional nine million subscribers by the end of the year.
The price hikes will primarily affect premium plan subscribers, with an annual increase of £24, equivalent to a 13% rise in the UK. The United States and France will also experience price increases on their Netflix subscriptions. These adjustments took effect for new customers in the UK on October 18th, 2023. Existing customers will receive notification of any impending price changes via email within the next month. However, it remains uncertain whether this notification means they will be charged the new rate from their next billing date.
Standard plan subscribers will not experience any price changes. The current pricing for these plans are £4.99 for the standard plan with ads and £10.99 for the standard plan without ads.
Despite the recent Netflix price increases, viewers have several alternative streaming options to consider. If you’re on a premium plan, it’s important to know how the cost of similar subscriptions with other popular streaming services compare. Apple TV Plis & Paramount Plus are £6.99 per month. Disney Plus is £7.99 per month and Amazon Prime is £8.99 per month.
Furthermore, some streaming services can be even more budget-friendly when you explore potential discounts offered by your mobile provider or bundled bank account. For example, certain mobile providers offer a year of Disney Plus for free with specific account types. Additionally, it’s a good time to consider switching to a Lloyds Club account, as they provide a £175 reward when you transfer your account to them.
For dedicated Netflix enthusiasts who wish to retain their subscription, there’s an option to switch to a more cost-effective plan. The standard plan (without ads) is £7 cheaper than the premium plan, offering a more affordable way to continue enjoying Netflix content.
The streaming landscape continues to evolve, and viewers now have more choices than ever to find the perfect entertainment package that fits their preferences and budgets.