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Netflix recently reported its strongest quarter for subscriber growth in years despite rolling out price hikes for some subscription plans in the United States, France, and Britain. The surge in new memberships is attributed to the company’s initiatives like password tracking and adding ad-supported tiers.
According to Reuters, Netflix gained almost nine million new subscribers worldwide. This number smashed new customer expectations and surpassed the six million consensus predictions of Wall Street analysts polled by the London Stock Exchange Group (LSEG). As it beat customer expectations, the company’s shares soared by 10% in after-hours trading to $382.99.
New Price Rates for Basic and Premium Plans
Netflix will increase the rate for its Basic plan in the United States - from $9.99 to $11.99 per month. The Premium option will go from $19.99 to $22.99 monthly, and the ad-supported tier will remain at $6.99 monthly. For the Standard plan, there will be no price increase as well, and it will stay at $15.49 per month, MacRumors reported.
In Britain, the streaming company will raise the Basic plan rate by adding just ₤1, now be ₤7.99. For subscribers in France, the Basic price rose by €2 to €10.99.
Subscriber Growth Following Password Sharing Crackdown
The latest subscriber and revenue growth comes after Netflix launched its password-sharing crackdown between households. Its revenue surged for the third quarter after ending the password-sharing practice of customers, and the addition of its ad-supported tier also helped boost not just the number of new subscribers but profits, too. The company reported adding about 247 million new paid global subscribers in the third quarter.
Finally, Investopedia reported that Netflix revealed a net income of $1.67 billion, representing $3.73 per share earnings. Its revenue increased by 7.8%, as shown in its recent Q3 financial posting.
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