Netflix Reveals Date Of Next Price Hike

Netflix has officially revealed the date that subscribers can expect their prices to increase.

Across the UK, both basic and standard Netflix subscription plans will increase by £1 per month to £6.99 and £10.99 respectively, while premium subscriptions will go up by £2 to £15.99.

While the price hike is effective immediately for new subscribers, existing members have been given a notice period of 30 days.

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Netflix users were contacted via email to confirm that price increases will officially take effect from Friday, 20th May 2022.

This price hike will come soon after Netflix reported a loss of more than 200,000 subscribers in the first three months of 2022.

The streaming giant has also warned shareholders that it expects to lose another 2 million accounts in the next quarter.

Netflix has pointed to competing streaming services like Disney+, Apple TV, Amazon Prime Video, and Hulu as a cause of their recent dip in subscribers.

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Confirming the price hike earlier this month, a spokesperson for Netflix said: "We have always been focused on providing our members both quality and clear value for their membership.

“Our updated prices reflect the investment we have made in our service and catalogue and will allow us to continue making the series, documentaries and films our members love as well as investing in talent and the creative industry.

“We offer a range of plans so members can choose a price that works best for them.”

This is the second time in 18 months that Netflix has chosen to hike prices in the UK and Ireland.

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Meanwhile, Netflix has also told shareholders that it estimates approximately 100 million households worldwide are likely sharing passwords.

The company is planning a crackdown on account holders who share their login details with other households.

In the past, Netflix had been rather lenient with password sharing, with the intention of getting more potential customers hooked on it. But with competing streaming services on the rise, the company will soon be forced to take action.