Netflix raises prices for its premium plan – Gist It

Netflix raises prices for its premium plan

Netflix has announced increases to the prices of its premium and ad-free subscription plans and revealed stronger-than-expected growth during the past quarter.

Price jump: Netflix is increasing its pricing for premium service in the U.S. by $2 to $23 per month, and its lowest-priced ad-free plan to $12 per month.
* The pricing for Netflix’s popular streaming option in the U.S. remains unchanged at $15.50 per month.
* The pricing change also affects subscribers in the U.K. and France.

Subscriber growth: The company has seen a surge in new subscribers, adding nearly 8.8 million worldwide subscribers during the July-September period.
* This growth has been attributed in part to crackdowns on password sharing, driving people who were previously freeloaders to become paying customers.
* With the new additions, the streaming service now boasts about 247 million subscribers globally, outpacing analyst expectations.

Financial growth: Netflix’s financial results have exceeded analyst expectations.
* The company earned $1.68 billion, or $3.73 per share, which marks an increase of 20% from last year.
* Their revenue saw an 8% increase to $8.54 billion.

Future plans: Netflix plans on investing approximately $17 billion on TV series and films next year.
* Changes include opening its service up to commercials, a potential major source of revenue according to Harding Loevner analyst Uday Cheruvu.
* Currently, approximately 30% of incoming subscribers are choosing Netflix’s $7 plan with commercials, credited to the higher prices of premium plans.

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October 19, 2023

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