Netflix Hikes Prices Again As Subscriptions Climb
Netflix joins Discovery, Amazon, Disney and several other streamers that have recently boosted prices.
Netflix is raising prices again for certain subscribers, the streaming service announced in its third-quarter earnings report.
Effective immediately, the monthly cost of the Netflix basic plan is $11.99, up $2, and the premium plan is $22.99, up $3. The company also announced price increases in the U.K. and France. Monthly ad-supported and standard plans will remain the same, however, at $6.99 and $15.49, respectively.
The increase is Netflix’s second in less than two years. In January 2022, it raised monthly basic plan prices by $1, to $9.99; the standard plan rose by $2, to $15.49; and the premium plan increased by $2, to $19.99. Netflix only launched its ad-supported service in October 2022.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
“As we deliver more value to our members, we occasionally ask them to pay a bit more,” Netflix said in its earnings report. “Our starting price is extremely competitive with other streamers and, at $6.99 per month in the US, for example, it’s much less than the average price of a single movie ticket.”
Netflix, which has been cracking down on password sharing, also said the number of paid subscribers increased by 8.8 million in the third quarter, versus 2.4 million in the same year-ago period. The company credited "the roll out of paid sharing, strong, steady programming and the ongoing expansion of streaming globally” for the subscriber increase.
Streaming prices on the rise
Netflix is the latest streamer to boost prices. Earlier this month, Warner Bros. Discovery hiked the price for its Discovery Plus ad-free monthly subscription in the U.S. to $8.99, from $6.99, but kept its monthly "ad-light" subscription fee unchanged at $4.99. Last month, Amazon Prime Video announced that its Prime Video streaming service will be getting ads in early 2024, although members can opt for an ad-free version for $2.99 per month.
In August, The Walt Disney Company announced a price hike for its monthly ad-free Disney Plus plan to $13.99, from $10.99, effective October 12. The cost of its monthly ad-free Hulu plan also rose to $17.99, from $14.99. Both versions of these services with ads remained unchanged at $7.99 per month.
News that Netflix was planning to raise rates was initially reported in an October 3 Wall Street Journal report citing sources familiar with the matter. The report said that the company was planning to wait until the actors' strike ended and that it was looking at several other markets worldwide. The actors' strike is ongoing, but the price hike is here nonetheless.
How you can save on your streaming services
With some of the biggest streaming platforms raising rates, you may want to check out other options. For tips on how to save money while making sure you get to watch some of the must-see releases, check out our round-up of how to save on streaming services and find streaming deals.
Related Content
- Discovery Plus Hikes Prices. Will Netflix Follow?
- Hulu + Live TV Bundle Now $49.99/month for 3 Months (includes Disney Plus and ESPN Plus)
- Netflix Password Sharing Fees: What You Need to Know
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
-
Stock Market Today: Stocks Rally Despite Rising Geopolitical Tension
The main indexes were mixed on Tuesday but closed well off their lows after an early flight to safety.
By David Dittman Published
-
What's at Stake for Alphabet as DOJ Eyes Google's Chrome
Alphabet is higher Tuesday even as antitrust officials at the DOJ support forcing Google to sell its popular web browser. Here's what you need to know.
By Joey Solitro Published
-
Discovery Plus Hikes Prices. Will Netflix Follow?
Discovery Plus joins Amazon Prime Video, Disney Plus and others in price hikes. Rumor has it that Netflix is lining up to be next.
By Joey Solitro Published
-
Should You Cancel Amazon Prime? Here Are 12 Good Reasons
Amazon Prime Here's why it might be time to cancel your Amazon Prime subscription.
By Kathryn Pomroy Last updated
-
Netflix Losing Streaming Dominance to Disney Plus, HBO Max, Apple TV Plus
Netflix has lost a giant slice of its mindshare to competitors in recent years, leading to big changes — and opportunities — for subscribers.
By Ben Demers Published
-
Netflix Password Sharing Crackdown Will Affect 100 Million Users. Here’s Everything We Know.
Netflix password sharing won't go away, but you'll have to pay for the privilege if you're not in the same household.
By Ben Demers Last updated
-
Netflix Comes to Walmart for a 1980s Throwback
Netflix and Walmart are building on Boomer and Gen X nostalgia for Blockbuster with in-store shopping options for a trip back in time.
By Bob Niedt Published
-
Are You Streaming Too Much? What the Discovery+/HBO Max Mashup Means
Smart Buying Fewer original scripted series? Maybe. And maybe it’s time to unsubscribe.
By Bob Niedt Published
-
Amazon Raising Annual Fees for Amazon Prime Membership
Amazon Prime As expected, Amazon is hiking the cost of Amazon Prime membership for the first time in four years.
By Bob Niedt Last updated
-
Last-minute Gifts That Save Money All Year
spending Supply chain issues may not have motivated you to buy early and now you’re panicked. No need to worry; we’ve got you covered.
By Stacy Rapacon Published