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Netflix to raise some subscription plans

by LLB Finance Reporter
19th Oct 23 10:04 am

Netflix has announced they are to raise some of their subscription plans in the UK with ad-free rising from £6.99 to £7.99 and the premium will rise from £15.99 to £17.99.

Between July and September the streaming giant added 8.8 million more subscribers which was in part driven by their scheme in cracking down on password sharing.

Netflix latest financial results showed quarterly revenue rose 7.8% year-on-year to £7 billion with profits of £1.38 billion.

Ben Barringer, equity research analyst at Quilter Cheviot, said: “After a difficult couple of years, Netflix’s turnaround is complete, as its recent efforts to crack down on password sharing and subscribers leaving have paid off.

“Its latest set of numbers were strong, with subscriptions significantly better than the market was expecting and margins growing too.

“Indeed, they now guide their sales growth to be back in double digit growth, and there is no reason that they cannot kick on from here and cement its place at the top of the film and TV hierarchy.

“It will be introducing further price rises in the US from 2024, and with a strong content slate lined up, and the fact it is less impacted by the US writer and actor strikes, it is set up for a strong future.”

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