Netflix has announced a pricing increase for both new and current users. A basic and standard plan price will increase by £1, to £6.99 and £10.99, respectively, representing an almost 17% increase for the cheapest tier. Subscriptions to the premium service will increase by £2 to £15.99.
Ireland will experience similar price increases. Netflix stated it needs additional funds to invest in “best in class UK productions” and “provide a diverse selection of handpicked quality series and films.”
In previous years, the corporation has increased prices several times using the same excuse.
“We have always been committed to providing our members with both quality and obvious value for their subscription,” a Netflix representative stated.
“Our increased rates reflect the investment we’ve made in our service and library, enabling us to continue producing the series, documentaries, and films our members like while also investing in talent and the creative sector.
“We provide a variety of options, allowing members to select the one that works best for them.”
The basic plan will increase by one euro in Ireland, while the Standard and Premium levels will increase by two euros.
All new members will immediately benefit from the price increase, while current members will be alerted through email 30 days before the change takes effect, depending on their payment cycle.
Outside of the United States and Canada, the United Kingdom is Netflix’s largest production base, with a one-billion-dollar production budget in 2020.