Netflix to raise prices in UK after subscription surge

Netflix noted good results in the company's fight against password sharing and highlighted the popularity of shows, including Top Boy. Photo: Ian West/PA Wire

Netflix is ​​raising prices in the UK as The Crown creator looks to boost profits with a surge in subscribers.

The tech giant said it would raise prices for some customers as well In Great Britain. as in the US and France: subscriber numbers rose to 247 million despite wider problems in the media industry.

The price of Netflix's 'basic' plan in the UK will rise by £1 to £7.99 per month. and the most expensive subscription will increase by £2 to £17.99.

Ad-supported subscription prices. and “standard” subscriptions will remain unchanged.

It comes after Netflix reported an increase of 8.8 million customers in the third quarter, its strongest growth in years.

Netflix executives credited the strong growth as a result of the company's crackdown on password sharing.

Subscribers now have to pay an extra £4.99 per month to share their account with another family.

They also highlighted the popularity of shows such as Top Boy and » Sex education.»

Netflix has shifted its focus from subscriber growth to profitability due to intense competition from companies like Amazon and Disney and the cost of living crisis. , have prompted many consumers to cut spending.

However, figures show the company continues to grow its subscriber base despite the ban on sharing passwords.

Netflix also said it had made good results. growth of the advertising-funded segment, which now accounts for approximately 30% of new registrations.

Overall, third-quarter revenue reached $8.5 billion and profit of $1.7 billion beat analysts' expectations.

The company forecast free cash flow this year of $6.5 billion, down from a previous forecast of $5 billion, as the Hollywood strikes forced it to spend less on new films and TV shows.

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>Netflix's letter to shareholders said: «We have shown that with discipline and a long-term focus, you can build a strong and sustainable streaming business.»