WASHINGTON- Netflix has officially announced a price increase for its two packages. This was stated simultaneously when the company announced its quarterly earnings. The two packages that have seen an increase are the Basic and Premium packages.
The basic package, which was discontinued earlier this year, has increased from US$10, which is equivalent to 158,000 rupees, to US$12, which is equivalent to 190,000 rupees. Meanwhile, the Premium package, which originally cost 20 US dollars, or 316 thousand rupees, has become 23 US dollars, or 364 thousand rupees.
Netflix says its Ad and Standard subscription plans will remain the same. For packages with advertising the price is 7 US dollars, or 110 thousand IDR. The Standard package, on the other hand, costs 15.49 US dollars, or 245 thousand IDR.
In its financial report, Netflix revealed that this increase in prices and packages was made to meet different needs and provide more value to users of the application. Besides that, they also claim that the cheapest prices for the streaming services offered are much cheaper than the average price of movie tickets in the United States.
It seems that this company’s decision was made to limit password sharing for its users. Currently there is a significant annual increase of 10% or reaching 247.15 million paying customers.
There were 8.75 million new paying customers in the third quarter, the largest increase from a year earlier. Additionally, it appears that Netflix’s advertising package is a good start, as it accounts for 30% of all new subscriptions in countries where it is available.
Netflix changed its strategy in the face of growing competition and adjustments at the height of the pandemic. In addition to raising prices, rolling out ad-supported plans, and cracking down on password sharing, the streaming service is even taking the unique step of moving into retail.
It’s not just Netflix that is raising subscription prices for its streaming services. Disney+, Hulu and Max have announced price increases in the last 12 months. Other streaming services have also increased subscription prices in the last 12 months, such as Apple Music, Spotify, YouTube Premium, Xbox Game Pass and PlayStation Plus. (Taja Aurora Bianca)
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