Streaming giant Netflix this week said it’s raising the cost of its premium subscription model.
The change involves the company’s premium subscription plan, with the price rising from $19.99 to $22.99 per month. The premium plan, which includes 4K streaming and no advertisements, is the platform’s most expensive plan.
The premium plan is not as widely used as Netflix’s basic tier, priced at $6.99 a month.
The change is the latest in price changes and restructuring at Netflix that have been profitable for the company, which reported better-than-average earnings in its third-quarter report.
In May, the company began cracking down on password sharing, a change hated by customers but increased subscriber numbers. A few months later, Netflix removed its original basic tier without ads and replaced it with advertising, now the lowest-priced plan.
According to Netflix, it added nearly 9 million subscribers in Q3, an amount not seen since the beginning of the pandemic.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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