Netflix reveals date of next price increase for all customers
29 April 2022, 11:18
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Netflix has revealed when subscribers can expect their monthly prices to increase next month.
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Netflix has revealed it will be increasing its prices again across the UK.
And now the streaming giant has officially confirmed the date that subscribers can expect to pay more each month.
As of Friday, May 20 both basic and standard Netflix subscription plans will go up by £1 per month to £6.99 and £10.99.
Premium subscriptions will be increasing a little bit more from £13.99 to £15.99.
The price hike is effective immediately for new subscribers but existing members have already been given a notice period of 30 days via email.
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Confirming the news earlier this month, a Netflix spokesperson said: "We have always been focused on providing our members both quality and clear value for their membership.
“Our updated prices reflect the investment we have made in our service and catalogue and will allow us to continue making the series, documentaries and films our members love as well as investing in talent and the creative industry.
“We offer a range of plans so members can choose a price that works best for them.”
This is the second time in 18 months that Netflix has increased their prices in the UK.
It comes after the company reported a loss of more than 200,000 subscribers in the first three months of 2022.
And in a bid to make the service more affordable, Netflix could introduce adverts for the first time as part of a cheaper subscription plan.
During a quarterly call with investors, CEO of Netflix Reed Hastings explained that using adverts could give people more ‘choice’.
While he said he was ‘a big fan of the simplicity of subscription,’ Reed added: “But as much as I am a fan of that, I am a bigger fan of consumer choice.
“And allowing consumers who would like to have a lower price, and are advertising-tolerant, get what they want, makes a lot of sense.”
There has never been any advertising on Netflix, with viewers able to watch their favourite shows instantly, which is built into the monthly pricing structure.
The added adverts could be bought over the next couple of years, with the business still working out what format they want to use.
Hastings said: “Think of us as quite open to offering even lower prices with advertising as a consumer choice.”