Saturday, 16 December, 2017

Netflix: Will Higher Prices Tune Out Subscribers?

Some of the other news we've been tracking today Some of the other news we've been tracking today
Edmund Wade | 06 October, 2017, 00:23

The company will start notifying customers about the price changes starting October 19, according to Mashable.

According to multiple outlets, including Tech Crunch, Netflix will bump its $9.99 HD streaming to two separate devices plan up to $10.99, and the streaming for up to four devices plan will be bumped from $11.99 to $13.99.

Netflix last hiked prices in 2014, which similarly was attributed to increased TV show and movie offerings.

Last quarter, Netflix posted a total 5.2 million new memberships - 2 million more than analysts had predicted - to hit a global figure of 104 million.

Netflix is raising the price for its most popular US video streaming plan by 10 percent - a move aimed at bringing in more money to outbid HBO, Amazon and other rivals for addictive shows such as "Stranger Things". The basic plan, which only lets users watch on one screen at a time and doesn't offer HD, will remain the same price at $7.99. Those who try to sign up today for Netflix will see the new, higher prices and not the old pricing. HBO Now, the standalone streaming service of HBO that offers access to shows such as "Game of Thrones" and "Veep", is priced at US$14.99 a month, while Hulu prices its service without commercials at US$11.99 per month.

NFLX stock was up 3% as of Thursday morning and is up 54% year-to-date.

Mashable reports that the price increase will begin in November. The company expects to spend almost $7 billion on content for its service next year, including movies, TV series and comedy specials.

The Net TV leader has also added a downloading feature for offline viewing, and has increased its spending on original content to $6 billion this year.

Subscribers will see the price changes on their bills depending on when their next cycle comes due.

Netflix and rival Amazon Prime have been pumping money into original shows to win fans and set themselves apart in an increasingly competitive bid for viewers' time.

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