Netflix has quickly become one of the best streaming services so much so that the company reported earnings of $53 million for Q1 of this year alone. The company also announced plans to raise the price of the subscription service by “one or two” dollars for new customers. As for existing customers, you’ll be able to stick with the current subscription price for “a generous time period.”
With a huge library of film and tv and even several series’ of original content such as House of Cards, Orange is the New Black, and Hemlock Grove, Netflix is quickly becoming the preferred method of watching TV. And this, in part is the reason for the planned price increase.
CEO Reed Hastings said in a letter to shareholders, “Our current view is to do a one or two dollar increase, depending on the country, later this quarter for new members only.” And that this increase was to “acquire more content and deliver an even better streaming experience.” As for existing customers “existing members would stay at current pricing (e.g. $7.99 in the U.S.) for a generous time period.” Hastings said.
Sadly that doesn’t rule out a price increase for existing members in the future and right now it’s not clear whether the increase will impact us here in the UK as plans for the price increase are yet to be revealed, but be sure to stay tuned to n3rdabl3 for more Netflix news soon.
What do you think of the price hike? Does it matter to you? Would paying almost $10 be a little too much or do you regularly use Netflix enough to justify the price?