Netflix hikes UK prices to cover ‘$1bn investment in local content’[addthis tool="addthis_inline_share_toolbox_p9bf"]
Netflix is hiking its prices in the UK as it looks for ways to cover its ever increasing content budget.
From next month, Netflix’s standard tier – which covers streaming on two screens simultaneously in HD – will be upped from £8.99 ($12.20) to £9.99, while the premium UHD tier, which covers four screens, will increase to £13.99. The basic package will remain untouched at £5.99.
Netflix justified the move by saying that it is planning to spend “over $1bn in the UK on new, locally-made films, series and documentaries” this year, pointing to shows such as The Crown, Sex Education and Top Boy.
“Our price change reflects the significant investments we’ve made in new TV shows and films, as well as improvements to our product.”
The announcement may come at an unwelcome time for many subscribers as the country looks set to be in an economically taxing lockdown for the foreseeable future.
Netflix’s price increase comes in the same month that Disney will hike the price of Disney+ from £5.99 to £7.99. Disney, however, has the justification that it is adding Star – an adult-oriented hub, which will lean on content from ABC and Fox – on 23 February.