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Netflix to raise its subscription prices again soon

Netflix to raise its subscription prices again soon

Those on the basic and premium plans are going to feel the pinch

Netflix has announced another round of price hikes, but not everyone is going to feel the pinch.

Last year, Netflix announced it was increasing prices by 10 to 16 percent for all subscription tiers. Following the initial upturn, the company also announced that it would be cracking down on password sharing.

Now, if you want your friends and family to be able to access your account, you have to fork out an additional £4.99

But this week the streaming giant revealed another blow.

Those currently subscribed to basic and premier Netflix plans are going to feel the crunch.
Getty Stock Image

Now, various subscription tiers are going to become more expensive.

However, not everyone is facing a price increase - only those currently on the basic and premium plans.

The Netflix basic tier will be rising by £1 per month and will now cost watchers £7.99. Interestingly, that’s a 14 percent increase on the previous price and will set subscribers back an extra £12 each year.

Premium subscribers are also facing a blow, as the service has announced the plan will be rising by £2 a month, making the new monthly expense for the premium plan £17.99 - a 13 percent price increase which forces subscribers to fork out an extra £24 per year.

Basic plan subscribers are going to suffer a 14 percent increase in price.

Those currently on a standard plan will be relieved to hear they’re safe from a price hike… for now.

The standard plan with adverts remains at £4.99 per month, while the standard plan without advertisements will still set you back £10.99 per month.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, believes Netflix is currently attempting to collect all the money it can.

She said: "Management's working hard to squeeze every last drop of cash possible from the available subscriber base.

“As that cup begins to run dry, it will be a lot more important to understand exactly how successful the next phase of growth can be.”

As well as Lund-Yates, fans across social media have been posting similar sentiments regarding the latest price increase.

One X (formerly Twitter) user wrote: “It’s not good value given how little good movies and shows they have these days.”

A second said: “They’re going to keep raising the prices until there’s some pushback. And crying about it doesn’t count. Significant subscriber loss is the only thing that’ll do it.”

The new prices came into effect on Wednesday, 18 September for new subscribers while existing members will be notified of the change via email over the next month.

Featured Image Credit: Getty Stock Image/Netflix

Topics: Netflix, TV and Film, Money