Yahoo Finance Aussies to pay more for Netflix
Aussies, you have to now pay more for Netflix.
The world's number one streaming platform has hiked the price of its Australian subscriptions, as of November 11, 2021.
Fees on Netflix's standard and premium plans have been increased by up to $3 a month from the existing subscription fee.
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Customers on the standard plan, which was increased to $15.99 a month in 2020, will now pay $16.99 a month.
The premium plan, which was hiked to $19.99 two years ago, will now cost $22.99 a month.
However, there will be no change in the basic plan, which costs $10.99 a month.
The only upside to this change is that existing customers have a breather before they start paying the new fee. It won’t apply to them for at least another week, but it will take effect in their next billing cycle after November 18.
Existing members will be notified through email with a 30-day notice before the bill reflects the change, the company said.
Why has the subscription fee been hiked?
Netflix said its main objective behind increasing the subscription fee was to make room to invest more in shows and films to suit Australian audiences.
According to Telsyte Australian Subscription Entertainment Study, 2021, Netflix - with 6 million followers - remained the top subscription video-on-demand (SVOD) service at the end of June, followed by Amazon Prime Video with 2.9 million, Disney+ with 2.6 million, Stan with 2.4 million and Kayo Sports with 1.1 million subscribers.
Clearly Netflix has left competitors way behind in the race and they're confident they won't lose subscribers with this move despite some expressing their disappointment on various online platforms.
But it's unlikely subscribers will cancel over a few extra dollars.
The streaming giant informed investors it would spend $US17 billion ($23 billion) on content in 2021, but the COVID pandemic has caused disruptions in content production.
How other streaming platforms compare
Apple TV+ : $7.99 a month
Amazon Prime Video: $6.99 a month
Disney+: $11.99 a month
Binge*: $14 a month for its standard plan
Stan: $14 month for its standard plan
Paramount+: $8.99 a month
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