Netflix price hikes explained: How much does it cost now?

It’s happening again – Netflix price hikes. So you know what to expect, here’s how much each subscription plan costs now.

Sharing is caring is the term most Netflix users would’ve thought of when it came to their subscriptions. Before the password crackdown, relatives, friends, and plenty of exes would simply leech off the account holder and enjoy all of the TV shows and movies the streaming giant has to offer without having to pay a dime. 

Even Netflix itself once posted the famous words, “Love is sharing a password.” But alas, these days are long gone, with the crackdown effectively shutting out anyone who doesn’t appear to live in the same property as the primary subscriber. And now other streaming services such as Disney Plus are following suit. 

The same can be said for price hikes. As Hollywood’s actors continue to hit the picket lines in the call for fairer pay in the streaming era, Netflix is taking measures to boost its revenue once more by raising the cost of its subscription plans. Here’s what you need to know. 

Netflix price increase: How much does it cost now?

As of October 18, the cost of the Netflix Basic Plan jumped from $9.99 per month to $11.99, while the $19.99 per month Premium Plan now costs $22.99.

The $6.99 Ad-Supported Plan and the $15.49 Standard Plan will stay the same price in the US. Netflix announced the price hikes in its third-quarter earnings report. This is the first time Netflix has raised its costs since January 2022.

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Some changes are being made to the subscription costs in the UK and France too. While the Ad-Supported and Standard Plans are staying the same, in the UK, the Basic and Premium options will go up to £7.99 and £17.99, respectively. French customers, meanwhile, will see the Basic and Premium Plans jumping to €10.99 and €19.99, respectively. 

Why is Netflix hiking its prices?

Although Netflix has resisted rising its fees like its competitors, now it is joining its rivals, and there’s one major reason why it would do so: growth. 

In its third-quarter shareholder letter, the streaming giant said: “While we mostly paused price increases as we rolled out paid sharing, our overall approach remains the same – a range of prices and plans to meet a wide range of needs, and as we deliver more value to our members, we occasionally ask them to pay a bit more.”

Amid rising production costs, the impact of the Hollywood strikes, and declining consumer spending following the pandemic and skyrocketing inflation, rising prices is an easy way to boost revenue. 

As said by CNN: “Making streaming shows will get only more expensive after the end of the writers strike, which boosted pay and benefits for Hollywood writers. And the actors, who are still on strike, are demanding more, too.

“Netflix is one of the few profitable streaming services, and investors are demanding Netflix continue to grow its earnings. That’s why the company has been pushing its lower-priced ad tier, in which it can hide some of the cost by keeping prices low for consumers but charge more to advertisers over time.”

You can read more about Netflix’s password crackdown rules here, its pricing shake-up here, and the SAG-AFTRA strike here.