Netflix is increasing its prices for U.K. customers, with the price of its Premium plan set to rise by 17% from next month.
Netflix first said it’s going to increase its prices at the end of last year, and now it has started telling its subscribers when they can expect to see the new hike appear in their monthly bills.
The price hike means that customers on the Standard subscription package will have to pay £9.99 per month, up from £8.99 per month previously. The Standard subscription allows viewers to stream or download content in high-definition on two devices at once.
As for the Premium tier this will soon cost £13.99 per month, up from its current price of £11.99 per month. With the Premium plan, customers can view and download content in ultra high definition on up to four devices at once.
The Basic plan, which allows for standard definition viewing and downloads on just once device, remains unchanged at £5.99 per month.
Netflix said the new prices will start kicking in sometime in February, but it will depend on each customer’s billing cycle. The company plans to give customers a month’s notice of the price hike, so they have the opportunity to cancel their subscription if they don’t want to stump up the extra cash.
New subscribers have been paying the increased fees since Dec. 10, but existing customers were extended a grace period that will soon end.
Despite the occasional price increase, Netflix has steadily grown its user base and now counts more than 190 million global subscribers to its service. No doubt that growth has been helped by worldwide lockdowns to try and prevent the spread of the coronavirus, as Netflix certainly helps to pass the time with its massive catalogue of movies and shows. That said, those who’re struggling with their finances due to the pandemic will probably not welcome the price hikes.
Netflix justified the latest price increase, saying it helps to pay for its investment into new original shows and movies.
"This year we're spending over $1bn [£736m] in the U.K. on new, locally-made films, series and documentaries, helping to create thousands of jobs and showcasing British storytelling at its best - with everything from The Crown, to Sex Education and Top Boy, plus many, many more," Netflix said in a statement.
