A month ago, Netflix had raised the subscription prices in the United States and Canada by $1 to $2 per month based on the plan. The streaming giant has done the same in the United Kingdom and Ireland, which might affect the overall viewership status.
Netflix has reached its peak in the UK during the global pandemic and has not seen overall growth in viewership ever since. Currently, the UK has a total of 16.8 million household subscriptions. By tweaking the prices, the streamer probably wants to generate a reaction in the market and gauge viewer reaction.
The basic package has increased from £1 to £6.99 while the standard package has raised from £1 to £10.99 in the United Kingdom. The premium subscription that allows UHD streaming and downloads has gone up from £2 to £15.99 in the UK.
In Ireland, the standard package has increased from €2 to €14.99 while the basic price has risen from €1 to €8.99. The premium subscription that allows UHD streaming and downloads has gone up from €2 to €20. 99 in Ireland.
The inflation rate will expectedly rise to 7% n the UK in 2022. In addition to increasing the cost of living and other expenses, the Netflix price hike seems to result from the same.
The price rises have come into effect for new subscribers and will apply to existing subscribers within a month’s notice. The streamer has released a statement about how they want to provide the members “both quality and clear value for their membership.”
The price hike will enable the streamer to “continue making the series, documentaries and films our members love as well as investing in talent and the creative industry. We offer a range of plans so members can choose a price that works best for them.”
While the streamer has decreased prices in India to reach a broader demographic, it is important to note how the price hike affects the viewership model in the United Kingdom and Ireland.