Netflix has announced a price rise for certain tiers of membership and said that a crackdown on password sharing had resulted in lower-than-expected cancellations.
The streaming giant added 8.8 million subscribers globally between July and September this year, its biggest leap in subscriber numbers since the pandemic lockdowns in early 2020.
Overall, Netflix saw a 9% year-on-year increase in average paid memberships during the quarter.
It now has 247 million paying customers worldwide.
Effective immediately, Netflix is increasing the cost of certain price tiers in the UK, US and France.
“As we deliver more value to our members, we occasionally ask them to pay a bit more,” the company said in a letter to shareholders.
Basic subscriptions in the UK will go up by £1 to £7.99, with monthly fees for premium membership increasing by £2 to £17.99. Ad-supported (£4.99) and standard (£10.99) subscriptions remain at their current levels.
Viewers in the US will see a $3 monthly rise in the premium plan to $22.99, and subscribers in France will pay an extra €2 at €19.99.
Less than a year since the launch of ad-supported subscriptions, Netflix is still building advertising revenue but said it is “laying the foundation for what we believe should be a multi-billion dollar revenue stream over time”.
