Netflix has hiked up the cost of premium subscriptions in the UK with plans to implement similar measures for American and French customers. It follows the news that their previous crack down on password sharing has, in contrast to predictions, failed to affect sales.
The streaming giant also confirmed that nearly nine million new households signed up between July and September, which marks their most significant leap in subscriber numbers since the 2020 Covid lockdowns.
It’s at least a 1/3 more than the six million new Netflix members that Wall Street analysts had been expecting. The online subscription service now currently holds 247million customers worldwide.
The media company, which has produced international hits like Stranger Things and The Crown, expects to attract an additional nine million in the final three months of this year – particularly during the crucial Christmas sales period.
The surge comes despite the rising cost of being a member. The premium ad-free plan will now cost £17.99 per month, having been raised by £2, and basic plans stand at £7.99. Ad-supported and standard subscriptions remain the same.
In earlier UK news, it was reported that spending had risen by 11%. While shares in the company rose by up to 13% in after-hours trading, their revenues of £7.05bn in the third quarter fell slightly under the official Wall Street estimates.
The growth in Netflix subscribers has demonstrated that the company is thriving despite the current actors/writers strike that has halted Hollywood.