Netflix is set to increase its subscription plans prices globally, with a focus on the US and Canada. The price hike is expected to occur later this year or early next year.
The company has previously increased subscription prices in various markets, including India. In January 2022, Netflix announced price increases for all three plans: Basic ($9.99), Standard ($1.50), and Premium ($29.99), making it the most expensive on-demand streaming service at the time.
The company’s plans to increase subscription prices are consistent with previous price hikes in various markets.
Netflix has changed its prices a few times recently. Earlier, they even made subscriptions cheaper in some places to stay competitive, especially where there are many streaming options. They also made rules to stop people from sharing passwords in over 100 countries. This was done to earn more money and make sure everyone pays for their own account. Some people didn’t like this change, but it showed Netflix’s commitment to adjusting to the market.
Now, Netflix might increase prices again for several reasons. There’s a current strike by actors which could make making shows more expensive. Plus, Netflix spends a lot on creating new shows, which could also lead to higher prices.
Netflix’s decision to end password sharing led to a surge in its subscriber base, indicating a positive user response. However, a recent price hike may not be well-received by all subscribers. The company must balance operational costs and ensure subscriber satisfaction to navigate the future.
Netflix Subscribers Worldwide
Netflix’s second quarter 2023 saw a 5.89 million increase in paid subscribers, with the majority residing in the EMEA region, accounting for nearly 80 million of its total global subscriber base, reaching 238.39 million.
How Many Countries Does Netflix Operate In?
Netflix, established in 2010, operates in over 190 countries worldwide, with its global expansion beginning in Canada.
