Netflix raises subscription prices in THESE countries as customer base surges. Details here
Netflix has increased the price of its premium ad-free plan by $3 per month to $22.99, while the cost for premium rose by 2 pounds to 17.99 pounds in Britain and by 2 euros to 19.99 euros in France, according to a report published by Reuters. The price hikes were announced in an earnings report that showed the company's global subscriber base reached 247 million at the end of September. Substantial subscriber gains came in Europe, the Middle East, and Africa, where Netflix added nearly 4 million subscribers.
More than 70% of its members now reside outside the United States. This indicates Netflix was thriving despite Hollywood labor tensions that shut down a large swath of US production as it makes many of its shows along with movies overseas. Ted Sarandos, Netflix co-CEO said, "These are the times I'm glad we have such a rich and deep and broad programming selection.
The same was true during COVID when we were able to manage the slate through a prolonged and pretty unpredictable production interruption." The company's third-quarter customer gains represented its strongest quarterly uptick since the second quarter of 2020 when lockdowns early in the global pandemic led to an unprecedented surge in streaming subscriptions. Netflix posted revenue of $8.54 billion, in line with analyst forecasts. Earnings came in at $3.73 per share, ahead of Wall Street's expectation of $3.49.
Netflix's forecast for fourth-quarter revenue of $8.69 billion was slightly below analysts' estimates of $8.77 billion, Reuters reported. The company said it continued to dominate viewership. Netflix programming accounted for 8% of television screen time, second only to YouTube, the company said, citing Nielsen data.
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