After introducing extra fees to share accounts earlier this year, Netflix is upping the monthly cost for two subscription plans in the US, UK and France. The company announced the decision in a letter to shareholders on Wednesday, saying customers in these regions can expect to see the price increases today, with new subscription changes rolling out to subscribers in Germany, Spain, Japan, Mexico, Australia and Brazil next week.
Starting today, the basic plan will go up to $12 per month, but it is unclear if there will be any changes to how many simultaneous streams come with the subscription or if extra members are allowed. The basic plan is no longer available for new Netflix subscribers. Premium will now cost $23 a month, and the price of the platform’s ad-supported ($7) and standard plans ($15.50 per month) will not change. While Netflix hasn’t raised subscription rates since January 2022, it eliminated the basic $10 plan this past summer and charges an extra $8 per person if you share your membership with someone outside your household.
The news comes after several of its streaming service rivals increased pricing this year. Competitors such as Disney Plus, Hulu, Peacock, Discovery Plus and Paramount Plus have all implemented price hikes within the last three months. Compared to Disney Plus and Hulu, Netflix’s new pricing plan will be similar.
Notably, Netflix is ratcheting up its ambitions beyond video streaming with a slate of new ventures. The company launched games on its platform in 2021 for mobile phones, and recently began testing the feature for TVs. Its lineup of video games continues to expand each month, with a handful of releases that are based on Netflix properties. Games are included with all memberships at no extra charge.
The streamer is also taking baby steps when it comes to live sports programming with its inaugural Netflix Cup. In November, viewers can stream the live golf event that combines Formula 1 and PGA athletes in a contest for the top title.