Netflix to increase prices as it posts Q4 revenues of €6.79bn

Netflix has announced new price increases for subscribers, its fourth hike in just over four years.

Subscribers signed up for Netflix’s basic plan will see prices rising by €1 per month. Those signed up for its standard and premium tiers are facing a hike of €2 and €3 respectively.

The price changes are immediate for new subscribers, with existing customers seeing the increase applied in 30 days’ time.

It is unclear if companies such as Sky, which offer Netflix as part of a bundle, will pass on the price increase to customers.

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Netflix’s basic plan is increasing to €8.99 from €7.99.Its standard package, which allows users to view content on two screens at the same time – is rising to €14.99 from €12.99. Its premium subscription plan – which lets users stream TV shows and movies on four devices simultaneously – is to increase by €3 from €17.99 to €20.99.

Eight years

The streaming service said the cost of its basic plan is rising for the first time in eight years. It last updated its prices for other tiers in March 2021.

“We have always been focused on providing our members both quality and clear value for their membership,” a spokeswoman for Netflix said.

“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,” she added.

The price hikes come a day after Netflix announced that season two of Vikings Valhalla, which is filmed in Ireland, has wrapped, with season three beginning production here shortly.

Other Netflix shows to have been made locally include Fate: The Winx Saga, which was filmed at at Kilruddery House in Co Wicklow, and My Father’s Dragon, made in Kilkenny.

Netflix has 221.9 million subscribers globally. It reported fourth-quarter revenue of $7.71 billion (€6.79 billion), in line with estimates, in January.