Netflix’s third-quarter results exceeded expectations and surprised Wall Street. With earnings of $3.73 per share, Netflix outperformed analysts’ average projection of $3.49 per share. Despite the impressive numbers, Netflix plans to raise prices for certain plans in the US, UK, and France.
Netflix is raising prices for its basic and premium plans in the US. The basic plan will now be priced at $11.99 (previously $9.99), and the premium plan will cost $22.99 (previously $19.99). The standard and ads-supported plans will remain unchanged at $15.99 and $6.99, respectively.
In the UK, the basic and premium plans will cost £7.99 and £17.99, respectively, while in France, the basic plan will be priced at €10.99 and the premium plan at €19.99.
As previously hinted in its second-quarter report, Netflix doesn’t expect the new ads-supported plan to significantly impact its business in 2023. However, the company took a dig at cinemas and film festivals in its letter to shareholders, stating that the plan’s price is much lower than the average cost of a movie ticket.
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