Netflix raises prices for subscribers in UK, Ireland

(Reuters) - Netflix Inc raised its prices for subscribers in the United Kingdom and Ireland, the streaming platform said on Thursday, in a bid to invest more in production of new shows and films.

Prices for its popular standard plan in UK, which allows streaming on two devices at the same time, will rise by 2 pounds to 10.99 pounds ($14.48) every month, while customers who use the basic plan will now have to pay 6.99 pounds rather than the previous price of 5.99 pounds. The premium plan would cost as much as 15.99 pounds ($21.07) a month.

In Ireland, the basic plan would increase by 1 euro, while the standard and premium tiers would now cost 14.99 euros ($16.58) and 20.99 euros ($23.21), respectively.

"Our updated prices reflect the investment we have made in our service and catalog, 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," said a spokesperson from Netflix.

The company last updated its prices for the UK in December 2020 and for Ireland in March 2021.

The price change will start from March 10 for all new members, while existing members will be notified by Netflix 30 days before it comes into effect for their respective billing cycles.

The news was first reported by The Guardian on Thursday.

($1 = 0.7591 pounds)

(Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri)

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