Netflix hikes subscription price by a staggering 17%

Basic and standard packages will go up by £1 per month

Netflix is raising its prices for both new and existing customers, it has said.

The cost of a basic and standard plan will go up by £1, to £6.99 and £10.99, an almost 17 per cent increase for the cheapest tier. The premium subscription will go up by £2 to £15.99.

Similar price rises will happen in Ireland.

Netflix needs the extra money to invest in “best in class UK productions” and to “offer a wide variety of curated quality shows and films”, it claimed.

The company has made a number of price increases in recent years with the same justification.

(Netflix) (PA Media)

A Netflix spokesperson said: “We have always been focused on providing our members both quality and clear value for their membership.

“Our updated prices reflect the investment we have made in our service and catalogue, and will allow us to continue making the series, documentaries and films our members love as well as investing in talent and the creative industry.

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

In Ireland, the basic plan will increase by one euro and two euro for the Standard and Premium tiers, respectively.

The price change is immediate for all new members, while existing members will be notified by email 30 days before they come into effect, depending on their specific billing cycle.

The UK is Netflix’s biggest production hub outside the US and Canada, with a one billion dollar UK production budget in 2020.