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Netflix has increased the prices of its streaming plans in the United States.
Subscribers will now have to pay $11.99 per month for the Basic plan, up from the previous $9.99. The Premium plan, previously priced at $19.99 per month, has been raised to $22.99.
The company defended these price increases by stating that they are delivering more value to their members. Netflix’s ad-supported plan at $6.99 and the Standard tier at $15.49 will remain unchanged for now, IANS reported.
Netflix‘s decision comes as it continues to add subscribers, gaining 8.76 million new members during the quarter, bringing its global total to 247.15 million.
The company’s Q3 financial results were in line with or ahead of forecasts, with revenue reaching $8.5 billion, paid net additions of 9 million, and an operating margin of 22.4 percent.
Apart from the price increase, Netflix has also cracked down on password-sharing, exceeding expectations in this regard.
The company predicts that its revenue will increase by 11 percent in the fourth quarter, reaching $8.69 billion.
It is yet to be disclosed whether these new prices will be implemented in other global markets, including India, which is known for its price-sensitive market.
