Netflix has implemented a price increase for some of its plans in the US. The Basic plan will now cost $11.99 per month, up from the previous $9.99. Similarly, the Premium plan, which previously cost $19.99, will now be priced at $22.99. The ad-supported plan at $6.99 and the Standard tier at $15.49 will remain unchanged for now.
In a letter to shareholders, Netflix explained, “As we deliver more value to our members, we occasionally ask them to pay a bit more.” The company emphasised that its initial price remains highly competitive with other streaming services. For instance, the $6.99 per month plan in the US is considerably lower than the average cost of a single movie ticket.
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8.76 million new subscribers
During the quarter, Netflix welcomed 8.76 million new subscribers, bringing the global total to 247.15 million. The Q3 financial results were in line with or ahead of forecasts, with revenue totaling $8.5 billion, paid net additions of 9 million, and an operating margin of 22.4 percent.
In addition to its efforts to curb password-sharing, which Netflix reported as “exceeding” expectations, the company saw substantial growth in its ad-supported plan, with membership increasing nearly 70 percent quarter over quarter.
Looking ahead, the platform anticipates an 11 percent increase in revenue for the fourth quarter, projecting it to reach $8.69 billion. The streaming giant continues to evolve its offerings, ensuring that subscribers receive a diverse range of content while maintaining a competitive edge in the market.
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Netflix Cup
Furthermore, Netflix is also hosting a golf competition named the "Netflix Cup," showcasing race-car drivers from its Formula 1 series "Drive to Survive" and golfers featured in the show "Full Swing." This event is set to unfold at the Wynn Golf Club in Las Vegas and will feature prominent figures including Formula 1 drivers Lando Norris and Carlos Sainz Jr., alongside PGA Tour golfers like Rickie Fowler and Justin Thomas.
While the tournament will be initially live-streamed, it will also be accessible for on-demand viewing. Notably, other major streaming platforms like Amazon and Apple are also making substantial investments in sports-related content.
