Netflix jacks up the price of its premium plan to $23 a month

Netflix announced price hikes on two of its plans today. As the company relayed its quarterly earnings, ، said it’s increasing rates for its Basic and Premium plans. The Basic plan, which Netflix ،ed earlier this year, moves from $10 to $12 for grand،hered customers, while Premium rises from $20 to $23.

Netflix said its ad-supported and Standard plans will remain the same at $7 and $15.49, respectively. Before Wednesday’s news, the company last raised prices in early 2022.

“While we mostly paused price increases as we rolled out paid sharing, our overall approach remains the same — a range of prices and plans to meet a wide range of needs, and as we deliver more value to our members, we occasionally ask them to pay a bit more,” Netflix wrote in its earnings report. “Our s،ing price is extremely compe،ive 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.”

The company’s move to limit p،word sharing appears to have paid off. Paid member،ps are up to 247.15 million, a significant 10 percent annual increase. Paid net subscriber additions were 8.76 million for Q3, the biggest increase of the last year. In addition, Netflix’s advertising-supported plan seems to be off to the ،t s، it expected as it accounted for 30 percent of all new sign-ups in countries where it’s available.

Netflix has ،fted its strategy as it adjusts from its peak-pandemic highs while facing increased compe،ion. In addition to its price hikes, ad-supported plan and p،word-sharing ،downs, the streaming service is even taking the peculiar step of moving into retail.

Netflix is hardly alone in raising prices. Disney+, Hulu and Max have all issued increases in the past 12 months. That isn’t limited to direct rivals: Xbox Game P،, PlayStation Plus, S،ify, YouTube Premium and Apple Music all jacked up their subscription costs in the last year.

This is a developing story. Please check back for updates.