Netflix raises prices again Business

Netflix has hiked prices for the second time in just over a year, taking the price of its most expensive subscription to nearly £16 a month.

The streaming giant said the prices of its basic and standard plans would increase by £1 per month, to £6.99 and £10.99 respectively.

The premium tier, which allows users to watch up to four devices at once and in ultra high definition, will increase by £2 to £15.99 per month.

The rise comes as households grapple with rising inflation due to rising energy prices and supply shortages. Sky said last month it would raise TV, broadband and mobile phone bills.

Netflix has raised prices several times in recent years, saying this will allow it to invest in new content, including in the UK where it has a large production operation.

It’s the first time the company has raised the price of its cheapest tier, which allows users to watch on one screen at a time, since its launch in the UK in 2012.

“We have always strived to provide our members with both quality and clear value for their membership,” Netflix said.

“Our updated pricing reflects the investment we’ve made in our service and catalog, and will allow us to continue making the series, documentaries and films our members love, as well as investing in talent and creative industry.

“We offer a range of plans so members can choose the price that suits them best.”