Netflix Set to Raise Subscription Plan Rates: Here’s What You Need to Know

Netflix is preparing to implement a price adjustment for its subscription plans, as reported by The Wall Street Journal. According to the cited source, the streaming giant is considering raising subscription prices, with the potential for this adjustment to take effect either later this year or early next year.

The report suggests that Netflix intends to roll out this price change across “various global markets,” with an initial focus on the United States and Canada. While India is not explicitly mentioned, the source indicates the company’s plans to make similar adjustments worldwide. Netflix had already increased prices in these markets last year and appears poised to do so again.

Although there has been no price hike in the Indian market, Netflix has taken action against password sharing. The streaming giant recently put an end to password sharing in India, sending notifications to users urging them to cease sharing accounts with friends or face consequences. Initially, when Netflix initially announced its intent to curb password sharing across various markets, India was not mentioned, but this policy change did extend to the country.

Furthermore, the Indian market has not seen a price increase for an extended period. However, there is no official confirmation at this time, and individuals will need to await further developments in the coming months. Additionally, the precise extent of the price increase remains undisclosed, with Netflix opting not to provide official comments on the matter.

It’s worth noting that after Netflix cracked down on password sharing in certain countries, the company saw a notable surge in new subscribers. During the second quarter of 2023, Netflix added nearly 6 million paying subscribers, marking an approximate 8 percent increase.

In a letter addressed to shareholders, Netflix emphasized that its campaign against password sharing did not result in widespread cancellations. Instead, it encouraged more users to establish individual accounts. The low cancellation rate suggests that many users are complying with the new policy and opting for personal subscriptions. Nonetheless, another price increase could potentially disappoint many users, particularly in light of the recent subscription fee hike just last year. Speculation suggests that Netflix might consider raising prices for its ad-free plans available in select markets. For now, the details remain unclear, and we will need to await further updates on Netflix’s plans in the coming months.