Netflix price rise: Subscription fees raised after password-sharing crackdown sees customer count increase

Netflix is set to raise some of its subscription prices, despite the site’s recent success on the crackdown on password sharing. The crackdown has seen a surge in new customers, and the company is looking to boost profits.

As of the second quarter of 2023, Netflix had around 238.39 million, an increase of over five million from the first quarter. The streaming giant said their basic service would rise by one pound to £7.99 and the advert-free option will increase by £2 to £17.99.

Previously, Netflix reportedly had major doubts over whether they could draw in new members, with the writers strikes delaying new releases. In the first half of 2022, it lost about one million subscribers, sending alarm bells ringing.

"All-in-all, management’s working hard to squeeze every last drop of cash possible from the available subscriber base," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.

"As that cup begins to run dry, it will be a lot more important to understand exactly how successful the next phase of growth can be."

Netflix said it believed it had the right mix of original hits and licensed fan favourites in its arsenal to keep audiences coming, citing popular shows such as Suits, starring the likes of Meghan Markle and more.

Recent shows such as Who Killed Jill Dando? And the newly released Beckham documentary have also had massive success, as well as Top Boy and the last season of Sex Education.