Streaming: Does Netflix UK's Price Increases Mean Other Market Regions Can Expect Same?
Netflix, the international streaming behemoth, has recently announced that its customers in the United Kingdom will be paying more to access its content and services from February 2021. According to the new plan pricing, Netflix's standard access plan will now be charged at £9.99 (US$14.00), and the premium access plan will now cost £13.99 (US$20.00). The entry-level package pricing has not changed.
Netflix said its justification for bumping up the UK prices is because it has been spending extraordinarily on British original content, shows and movies. The press statement from Netflix said: "This year we're spending over US$1 billion in the UK on new, locally-made films, series and documentaries, helping to create thousands of jobs and showcasing British storytelling at its best – with everything from The Crown to Sex Education and Top Boy, plus many, many more. Our price change reflects the significant investments we've made in new TV shows and films, as well as improvements to our product."
The question that is now being asked is whether the UK price increment is a harbinger of what other Netflix market regions can expect. Should Netflix consumers in African country jurisdictions brace themselves for another round of price increases? BMA has submitted a request for comment and clarifications to Netflix on this matter, but we are yet to hear back before the time of publication.