Netflix is set to raise prices for UK subscribers by up to 20 per cent as it prepare to take on Disney’s direct service later this year.
The streaming giant hasn’t raised prices in the UK since 2017 and is upping the cost of a standard plan by £1 (€1.13) to £8.99 and premium by £2 to £11.99. The price of a basic plan – one devise only and SD – remains unchanged at £5.99.
The company said new customers will pay the higher rates immediately, while the increases will be implemented for existing users “over the coming weeks”. The news comes as Ofcom reveals Netflix and Prime Video between them earned £1 billion in the UK (£640 million for Netflix) in 2018.
Netflix has already raised prices in the US, as well as a number of markets in Latin America and the Caribbean that also use US dollars, with increases across western Europe also expected.
The company needs to fund its $15 billion content budget and try to keep a cap on long-term costs and debt totalling about $30 billion.