Netflix Increases Prices Of Its Basic And Premium Plans

Despite the surge in paying users, the company was unable to boost average revenue per membership.

Amid a surge in subscribers, Netflix has announced a price increase.

Starting Wednesday, Netflix said its Basic and Premium plans will now cost $11.99 and $22.99, which is $2 more than the previously set prices.

The streaming service added 8.8 million new subscribers in the quarter, after the company banned password sharing in different households. Despite the surge in paying users, the company was unable to boost average revenue per membership.

Netflix added that the recent writers strike and on-going actors strike are making matters worse, which also led to the increase.

The streamer’s $6.99 Ad-supported plan and $15.49 Standard plan will stay the same.

The last time Netflix raised prices was in march of 2022.