Netflix UK is increasing the price of its major monthly tariffs as it looks to cover the costs of its sprawling original content strategy. And boy haven’t they timed it nicely for Brits facing a new national lockdown.
The Standard HD monthly package is going up by £1, £8.99 to £9.99. The Premium tier, which unlocks a host 4K HDR content and a larger number of concurrent streams, is going up £2, from £11.99 from £13.99. Those on the basic plan won’t see an increase in the £5.99 monthly cost.
In a statement justifying the price increase, Netflix says it is spending £736m on UK-centric content, like The Crown and Sex Education, suggesting the increase is good value for money for Brits.
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“This year we’re spending over $1bn [£736m] 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,” the company said.
“Our price change reflects the significant investments we’ve made in new TV shows and films, as well as improvements to our product.”
However, given the company benefitted massively from new sign-ups from previous lockdowns. Back in April, the company announced a whopping 16 million new subscribers during the first three months of 2020.
Netflix is now repaying that with a price bump and U-Switch isn’t shy to point out the injustice of another hike as a third UK lockdown commences.
Nick Baker, the streaming and TV expert representing Uswitch.com, said (via BBC): “Netflix has been a lifeline for many people during lockdown, so this price rise is an unwanted extra expense for households feeling the financial pressure.
“It’s unfortunate timing that this price hike coincides with another national lockdown, when all of us will be streaming more television and films than ever.”