Netflix Jacks Up Premium Prices 11%
As tipped by ChannelNews Netflix who last increased prices in 2017, has moved to increase the price of their premium pack by 11% ahead of the launch of Disney+ in Australia.
A Netflix Premium package will now cost $19.99 an increase of $2.00 a month with analysts tipping that the bull of Netflix premium customers will absorb the increase.
Netflix’s basic and standard plans will remain unchanged at $9.99 and $13.99, respectively, but are still more pricey than Apple TV+’s $7.99 and Disney+’s $8.99 a month.
Currently, Netflix who is in a battle with both Disney and Apple who are set to take the US streaming Company on is spending up billions of dollars on new content, amid increasing competition. Apple will launch its streaming service Apple TV+ in Australia on November 1, with US entertainment giant Disney to debut Disney+ on November 19.
The Australian streaming market already consists of Nine Entertainment’s Stan, pay-television platform Foxtel and its streaming services, Foxtel Now and Kayo Sports, plus CBS’s 10 All Access, Amazon Prime Video and NBC Universal’s Hayu.
A Netflix spokesman said the latest country-specific price hike would allow the group to invest in its content and product.
“We change our prices from time to time and continue to invest heavily to grow in the depth and breadth of our content such as new shows like The Politician, Unbelievable, well-loved series like Stranger Things, The Good Place, and The Crown — as well as improvements to our product,” he said.
The hike to Netflix’s local premium plan, which gives subscribers access to its TV shows and movies on four devices at the same time in 4K high definition, comes two months after the group raised its prices across the board in New Zealand, and 10 months after similar increases in the US.