Netflix Raises Prices Again: Here Are the New Tier Plans for 2023
The company is trying to make even more money.
Just a year ago, it looked like Netflix was teetering on the verge of collapse. New monthly subscriptions had plummeted, and, to add insult to injury, old subscribers had started jumping ship en masse. Despite an impressive collection of blockbusters starring top-tier Hollywood talent, the streaming behemoth was having a hard time attracting fresh audiences to its platform. Netflix's response has been to clamp down on account sharing.
The somewhat counterintuitive move that many industry experts had predicted would alienate customers has seemingly worked wonders: Netflix has just announced that last quarter, it saw a sharp increase in new subscriptions, making it one of the most successful reporting periods in the company's recent history.
Encouraged by the success of their efforts to curb account sharing, the company's management has now decided to capitalize on the sudden surge in new subscriptions in what many describe as the most controversial manner possible: Netflix is raising the price of their tier plans.
New Normal
Earlier this week, the company announced the new prices for several of its plans, shocking many subscribers by how huge the price hikes are. The Basic Plan, which is no longer available to new subscribers, now costs $11.99 instead of $9.99. Meanwhile, the Premium plan, which gives users access to content in 4K, which, until recently, cost #19.99, will now set you back $22.99.
The only consolation is that the ad-supported and standard plans' prices remain unchanged at $6.99 and $15.49, respectively.
Europe Hurt Too
It's not just US customers that are being hit with the price hikes. Subscribers in the UK and France will see their Netflix bills go up as well. Just like in the US, the prices of the ad-supported and standard plans remain unchanged. However, the basic plan now costs £7.99 in the UK and €10.99 in France, while the standard plan is now offered for £17.99 in the UK and €19.99 in France.
It looks like one exceptionally good quarter wasn't enough for Netflix, and the company wants more money to keep producing content at the same rate and the same level of quality.