Netflix have announced that they may ask members to increase how much they are paying for the service.
The streaming platform released its quarterly shareholder letter this week, which contains details of a potential cost increase for subscribers.
The letter read: “As we invest in and improve Netflix, we’ll occasionally ask our members to pay a little extra to reflect those improvements, which in turn helps drive the positive flywheel of additional investment to further improve and grow our service.”
Currently a standard subscription in the UK costs £10.99 a month, allowing viewers to watch on two devices at a time. The ad-supported subscription is £4.99 a month, which, according to Netflix, has 23million monthly active users. In total, the streaming platform currently has more than 260million global users.
Back in July 2023, Netflix announced that the basic ad-free plan, which cost £6.99 would no longer be available to new subscribers. From October 2023, the price for a membership allowing users to watch on one device at a time, increased to £7.99.
The inventory on the site is set to increase, with WWE’s flagship programme, Raw, joining the platform in 2025. According to CNBC, the company is reportedly paying $5billion (£3.9billion) for a decade of the program. Featuring 52 weeks of live shows each year, this will become Netflix’s biggest step into the streaming of live entertainment.
As a result of this new content, Netflix may ask its users to pay more money for their subscription, although this was not confirmed in the quarterly letter.
The letter’s summary reads: “In 2024, we see big opportunities to increase our value to members by further improving the core (series and film),while broadening our offering (games, live and sports-adjacent programming)”.
Netflix has confirmed that this year will see the release of new seasons of hit shows, including Squid Game, Bridgerton and Emily In Paris.