Netflix (NFLX) Increases Subscription Prices in UK and Ireland

Netflix (NASDAQ: NFLX) is increasing the price of its subscription plans in the United Kingdom and Ireland by £1 and €2, respectively.

The new subscription plan is now priced at £10.99 ($14.46) in the UK and at €14.99 ($16.54) in Ireland. The basic package now costs £6.99 ($9.19) in the UK and €8.99 ($9.92) in Ireland.

This is the first time Netflix raised the cost of the basic package in 10 years in the UK. Furthermore, the company also raised the price of its premium plan by £2 ($2.63) in the UK and €2 ($2.20) in Ireland.

Netflix said the changes will take effect immediately for the new members, while current users will be notified 30 days before they become effective.

The company said the changes will allow it to “continue investing in best in class UK productions and offer a wide variety of curated quality shows and films.”

The UK is one of Netflix’s largest production centers. The company has a content budget of $1 billion in 2020 in the UK and created over 10,000 new jobs for cast and crew.

The company also aims to make heavy investments in the UK crew and talent via its £1.2 million ($1.58M) Grow Creative program.

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

“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.”

By Senad Karaahmetovic | [email protected]

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