Netflix Subscribers Hit With Another Round Of Price Hikes

As the streaming wars rage on, Netflix has managed to remain one of the major players alongside the likes of Disney+ and Max. In addition to offering subscribers their favorite movies and television shows from different studios and eras, the streamer has continued to provide users with original productions such as the Netflix record-shattering "Wednesday," the "Extraction" duology, and "Stranger Things." However, it appears that Netflix is on the brink of making the enjoyment of its vast library a bit more financially strenuous. Yes, it is once again bumping up its prices across multiple subscription plans.

According to The Hollywood Reporter, Netflix's price increases will take effect on Wednesday and specifically impact users in the United States, United Kingdom, and France. In the U.S., the basic plan will go from $9.99 per month to $11.99, with the premium plan jumping from $19.99 to $22.99. The ad-supported $6.99 and standard $15.49 tiers will remain unchanged. As for the U.K., the basic plan will increase to 7.99 pounds, and the standard plan will jump to 17.99 pounds. In France, those plans will go to 10.99 euros and 19.99 euros, respectively.

Unsurprisingly, these changes once again come as a result of Netflix hoping to ramp up profits. After all, the previous profit-oriented move the streamer made paid off, and then some.

As if these price increases aren't bad enough, they come shortly after Netflix cracked down on password sharing. Back in May, the streamer prevented users from sharing passwords across multiple households. Thus, the streamer made it so that a user outside of one's home account can be added for an additional $7.99 per month. While one might imagine that such a bold move would result in a mass exodus from the platform, that hasn't been the case. Netflix reported subscriber growth of approximately 8.8 million, which likely played into the decision to bump up prices.

"The cancel reaction continues to be low, exceeding our expectations, and borrower households converting into full-paying memberships are demonstrating healthy retention. As a result, we're revenue positive in every region when accounting for additional spinoff accounts and extra members, churn, and changes to our plan mix," Netflix said in its recent shareholder letter. In an earnings interview, Netflix co-CEO Greg Peters added that the company's goal now is to focus on winning over new subscribers, using its content library and the monetary value of its subscriptions to do so.

We'll just have to wait and see how Netflix's latest price increases pan out as they go into effect.