Netflix has announced an increase of premium subscriptions in the UK.
This price hike is also set to affect American and French customers.
The streaming giants also revealed that their crackdown on password sharing, which began in May, has not lessened demand.
According to Netflix, almost nine million households worldwide have signed up to the streaming site between July and September of this year.
This is their biggest surge in subscriptions since the Covid-19 Lockdowns in early 2020.
It is also higher than what had been initially predicted by the analysts of Wall Street, who had forecasted six million new subscribers in that period.
Netflix which currently boasts 247 million customers globally, also expect to see a further nine million customers worldwide for the last three months of this year, including the Christmas period.
“very much in its infancy”
Another element to Netflix is its premium ad-free plan, which now costs £17.99 in the UK, an increase of £2, while basic plans stand at £7.99.
Ad-supported, and standard subscriptions remain at current levels.
While revenues of $8.54bn (£7.05bn) may have missed the initial estimates by Wall Street, shares have also risen by 13%.
Despite the high profile strikes in Hollywood, which has led to several productions being shut down, Netflix continues to go from strength to strength, according to these latest figures.
“The ad-supported tier is still very much in its infancy, and while a respectable whack of revenue’s being generated, the focus is very much on what the longer-term growth trajectory will be”, says lead equity analyst at Hargreaves Lansdown, Sophie Lund-Yates.
She also added, “There have been rumblings that the ad business isn’t as hot as it could be so there’s pressure for performance to keep moving upwards”.
“The market is increasingly preoccupied with where Netflix’s long-term growth drivers are coming from, with a limit to how far membership prices can be inflated in the current environment and the tailwind from the password crackdown due to taper out at pretty exceptional speed”.
Earlier this month, the streaming service also announced that the final season of The Crown would begin on November 16. More on this here.
