Netflix announced on Thursday that it has increased subscription prices in Italy and Spain. This follows recent price hikes in Japan, several Middle Eastern and African countries, and the removal of its lowest-cost plan in the United States and France, a change that will also take effect in Brazil by the end of 2024.
Starting Friday, October 18, the updated prices in Italy are listed on Netflix's website. The basic plan with ads has gone from €5.49 to €6.99, the standard plan without ads from €12.99 to €13.99, and the premium plan, which offers Ultra HD (4K) and HDR, has increased from €17.99 to €19.99.
Netflix addressed these price increases in a letter to investors while reporting its latest financial results. The streaming giant saw 5.07 million new subscribers in the third quarter of 2024, surpassing expectations by around 500,000 and bringing its total subscriber base to 282.7 million. However, this growth was lower compared to the same period in 2023, when Netflix added 8.76 million new subscribers.
Despite the slower growth in subscriptions, Netflix highlighted a 15% rise in revenue compared to the third quarter of 2023, attributing this to new initiatives such as live events and expansion into gaming. Additionally, the company's profit surged by 41% during the same period, reflecting Netflix’s ongoing success in diversifying its services.
