Yet another Netflix price increase is among us
The announcement of yet another Netflix price increase has sent ripples through users of the popular streaming platform.
In its third-quarter earnings report, the streaming giant revealed its plans to adjust pricing for certain subscription tiers.
This isn't the first time Netflix has made such a move, as the company has a history of adapting its pricing to meet the changing dynamics of the streaming industry.
How much is it after the Netflix price increase?
The video streaming service announced on Wednesday that it has successfully added an additional 8.8 million customers during the third quarter, expanding its total subscriber base to 247.2 million. Netflix attributes this growth to the diversity and quality of its content offerings, as well as its efforts to combat password sharing, which have broadened its audience reach.
In an immediate move, the Netflix price increase 2023 was implemented in the United States. The costliest plan will see a monthly increase of $3, bringing it to $22.99, while the basic plan will experience a $2 monthly increase, raising its price to $11.99. The pricing for the ad-supported plan at $6.99 remains unchanged.
It's noteworthy that similar price adjustments for basic and premium plans are also taking effect in France and the United Kingdom.
In a communication to its shareholders, Netflix conveyed,
"As we continue to enhance the value provided to our members, we occasionally make modest price adjustments. Our initial pricing remains highly competitive when compared to other streaming services. For instance, at $6.99 per month in the U.S., it still represents a cost significantly lower than the average price of a single movie ticket".
Netflix price increase history
Netflix subscribers who have been with the platform for some time know that price hikes are not a new phenomenon. Since its inception in 2007, the company has made several adjustments to its subscription fees and plans.
Let's take a brief journey through the Netflix price increase history:
2007: Netflix's early days
In its initial foray into streaming, Netflix required customers to purchase a DVD subscription. Subscribers could access more hours of streaming based on their willingness to pay.
2008: The onset of binge-watching
Netflix expanded its streaming capabilities, ushering in an era of unlimited streaming for subscribers willing to commit to a $9 monthly fee.
2011: Unlimited streaming at $8/Month
Netflix introduced an $8/month "streaming only" package, but it sometimes resulted in higher costs for those seeking full access to the entire content library.
2013: The Emergence of Netflix Premium and Family Plans
Netflix introduced a $12 subscription option for larger families, allowing streaming on up to four screens concurrently. This plan later evolved into what we now know as Netflix Premium.
2014: HD streaming and a $2/Month price adjustment
Netflix raised prices for its HD streaming option, a move that received mixed reactions from subscribers.
2016: The $10/Month Standard
The price increase announced in 2014 became standard for all Netflix subscribers, eliciting diverse responses from the user base.
2017: Incremental $1 price hikes for Standard and Premium subscribers
Netflix implemented another round of price increases, adding an extra dollar per month to the Standard and Premium plans.
2019: Simultaneous price adjustments for all Netflix subscribers
Netflix raised prices for all its subscription options at once, marking a shift in its approach to pricing.
2020: Price upticks for Standard and Premium subscribers
Prices for the higher-tier plans saw another increase, reflecting the streaming giant's growing investment in original content.
2022: Across-the-board price hikes
In January 2022, Netflix introduced price increases across all its subscription plans, supporting its investment in original programming and competitive positioning.
2022: Introduction of the Basic with Ads Plan
For the first time in years, Netflix introduced a new plan featuring ads, designed to attract a wider audience with a lower pricing tier.
2023: Evolution of plans and policies
Netflix removed the Basic plan for new subscribers and restructured its offerings, underscoring its commitment to combat password-sharing and enhance user experience.Advertisement