According to information received from the Wall Street Journal, Netflix is preparing to implement a price increase for its subscription plans. The cited source claims that the streaming giant may raise subscription prices after a few months, suggesting that the hike could happen later this year or early next year.
The report claims that Netflix intends to roll out this price adjustment in “various markets around the world,” with the initial focus being on the United States and Canada. There is no mention of India, but the source clearly said that the company is planning to do the same in various global markets. Just last year, Netflix had increased prices in these markets and the company is now reportedly planning to do the same again.
There was no price increase in the Indian market, but Netflix banned password sharing. The streaming giant recently stopped sharing passwords in India and confirmed that it will start sending notifications to users to stop sharing accounts with friends or face strict action. Initially, when Netflix announced its idea to end password sharing across all markets, there was no mention of India, but it happened in the country.
Moreover, price increases have not been seen in the Indian market for a long time. But, there is no confirmation yet and people will have to wait for a few months to know more about it. Furthermore, the exact extent of the price increase is also unknown at this time, and Netflix has chosen not to provide any official comment on the matter.
Additionally, after Netflix stopped password sharing in some countries, the company gained many new customers. It has recently recorded significant subscriber growth following a crackdown on account sharing. During the second quarter of 2023, Netflix added nearly 6 million paying subscribers. This is an increase of approximately 8 percent.
In a letter to shareholders, Netflix highlighted that its campaign against password sharing did not result in mass cancellations and, instead, prompted more users to create new personal accounts. The low cancellation rate indicates that many users are complying with the new policy, as well as opting for individual subscriptions. But, another increase in price may disappoint many users, considering that the increase happened just last year. It is being said that the streaming giant may decide to increase the prices of its ad-free plans which are available in select markets. At the moment, there is no clarity and we will have to wait for a few months to know more about Netflix’s plans.
