Netflix is increasing prices today, which has pleased investors and Wall Street analysts, but may not be well-received by consumers. The basic streaming plan, priced at $9.99 per month, will now be $11.99 per month. This plan does not include ads. The premium plan, on the other hand, will increase from $19.99 to $22.99. The plan with ads, priced at $6.99, and the standard plan, priced at $15.49, will remain unchanged for now, according to the Hollywood Reporter. In comparison to other streaming services, Netflix’s pricing remains consistent, as reported by Deadline, a field that often sees price increases.
Netflix exceeded Wall Street’s expectations for the previous quarter, ending on September 30, regarding earnings per share and subscriber growth. During this three-month period, the company gained 8.76 million new subscribers, bringing the total to 247.15 million. Netflix’s third-quarter earnings letter noted progress made in cracking down on password sharing and in increasing ad-supported subscriptions. Additionally, the company announced changes to its pay packages for the CEO and other executives, shifting to “a more conventional model,” according to the Reporter.
According to an SEC filing, shareholders voted 3-1 against the compensation plan. The company’s letter acknowledged the lack of support for their executive compensation model over the past two decades. In 2022, each co-CEO received over $50 million in pay and stock. In response, Netflix has now capped the salary portion for executives at $3 million. As a result, shares surged by more than 12% in after-hours trading, reaching approximately $388. (Read more Netflix stories.)
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