The Netflix increases the prices of subscription packages again. This time, it increases the cost of Basic and Premium.
The company announced the Results of its third-quarter earnings in a letter to its shareholders, which you can to find here. The document states except of others and the new price increases.
The third quarter of 2023 was very successful for Netflix, as it added 8,76 million new subscribers, an increase of 10,8% year-over-year. The streaming service now has 247,15 million active subscribers. The company attributes its growth to ad program subscriptions, which were up nearly 70% from the previous quarter.
Although the company won't admit it, another major factor contributing to these numbers is the crackdown on password sharing that it has imposed in several countries. Analysts had predicted that the move could backfire and that the company would lose subscribers. Instead, it turned out to be a very successful strategy.
Netflix's letter says it will raise prices on the Basic package by $2, from $9,99 to $11,99 per month. Likewise, the price of the Premium package will increase by $3, from $19,99 to $22,99.
