Netflix hints at price increase

Stevian Francis

1 year ago

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Netflix customers may be forced to dig deeper into their pockets after the streaming giant hinted at an impending price increase this year.

The streaming platform shared news of the potential price hike in its quarterly letter to stakeholders this week.

“Over the last few years, we’ve increased sophistication on our pricing and plans strategy so that we can more effectively capture the value created by our service. We seek to provide a range of prices and plans to meet a wide range of needs, including highly competitive starting prices. As we invest in and improve Netflix.”

Also, the letter stated, “We’ll occasionally ask our members to pay a little extra to reflect those improvements, which in turn helps drive the positive flywheel of additional investment to further improve and grow our service.”

The prospectus comes four months after Netflix’s previous price increase in October. The increase saw its Basic Plan– no longer available to new subscribers –move up from $2 to $11.99 per month, while the premium package saw a $3 jump to $22.99 per month.

The news also comes on the heels of its announced 5 Billion-dollar agreement with World Wrestling Entertainment (WWE), which will see the iconic wrestling brand broadcast exclusively on its platform starting 2025.

“Today [January 23], we’re excited to announce that starting in January 2025, WWE’s Raw will be live on Netflix13 exclusively in the US, Canada, UK and Latin America, with other countries and regions to be added over time. In addition, Netflix will become the home of WWE shows and specials outside the US, including SmackDown and NXT, as well as its premium live sports events like Wrestlemania, SummerSlam and Royal Rumble — and award winning documentaries and series beginning in 2025.”

Netflix’s current subscription options are:

Standard with ads: $6.99/month

Standard: $15.49/month

Premium: $22.99/month