Netflix Just Increased Subscription Prices in the U.S. Here's How Much You'll Now Have to Pay. Price hikes were announced during the company's Q3 2023 earnings call on Wednesday.
By Emily Rella
Opinions expressed by BIZ Experiences contributors are their own.
The rumors are true — Netflix has officially increased prices for monthly U.S. subscribers.
The company revealed new pricing tiers during its Q3 2023 earnings call on Wednesday, where the streaming giant also announced that it had gained another 9 million paid subscribers in the last three months.
Netflix's monthly basic plan will increase from $10 to $12 while the monthly premium plan will increase from $20 to $23.
The company's ad-supported tier will stay the same at $7 per month as will its monthly standard tier at $15.49.
"As we deliver more value to our members, we occasionally ask them to pay a bit more," Netflix said. "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."
The last time Netflix hiked prices for U.S.-based subscribers was in January 2022.
Original story below.
After the mass crackdown on password sharing, it looks like there's more bad news for Netflix subscribers.
According to an exclusive report from the Wall Street Journal, Netflix will once again be raising prices on its members — beginning with the U.S. and Canada — following the end of the SAG-AFTRA strike, which began in mid-July.
Related: Netflix Reveals New Password-Sharing Guidelines
Netflix declined to comment, and it remains to be confirmed how soon the changes will take place and how much the price increase will be on its many tiers.
Naturally, social media was up in arms with the news.
Netflix isn't releasing enough original content to warrant another price increase
— doc by another name?? (@scientistmike35) October 3, 2023
If Netflix raise its price again I'm dead cancelling. You outta your fucking mind. Half that shit is trash, and the other half is old.
— Tidd E. Lover (@NickSoSick) October 3, 2023
Netflix going up in price again? Nah they can keep it. I'll GLADLY cancel.
— E J (@EJayArrow) October 3, 2023
Cancelling my @netflix if they really think they can increase the price again. You'll say it's to pay the writers but then how do you justify the other raise earlier this year? The math ain't mathing babes. ?
— cynthia (@cynthia15298980) October 3, 2023
Quitting @netflix after the actors strike if they raise their prices ONE MORE TIME! You want to raise it for new members... fine. But being grandfathered in used to mean something. Now your price changes like gas prices! More subscriptions, more money, more problems. Cut, cut!
— Jason (@gear38jh) October 3, 2023
The last time Netflix hiked prices in the U.S. and Canada was in January 2022, up to $15.49 a month from $13.99.
The Writers' Guild of America's strike with major Hollywood studios and streaming services reached a temporary ending last week, and hopes are that the SAG-AFTRA union will follow shortly.
Though the streaming behemoth separated itself from its competitors by not instating a full subscription price increase in 2023, users who were sharing passwords definitely felt the effects of the crackdown that rolled out this past spring — and the strategy worked.
Related: Netflix Is Raising Prices in the U.S.
In July 2023, the company reported that it had seen an increase of six million paid subscribers in Q2 of 2023, making its total global subscriber number over 238 million.
As of Tuesday afternoon, Netflix was up over 56.5% year-over-year.
