According to the Wall Street Journal, Netflix is considering raising the price of its ad-free streaming service, a strategic move that will be executed once the current Hollywood actors’ strike ends.
This statement had a significant influence on the market, producing a more than 3% increase in Netflix’s stock value.
Here are all the specifics on the upcoming Netflix development!
Netflix To Raise Subscription Prices Following the Hollywood Strike
The streaming behemoth is currently discussing price adjustments in numerous overseas areas.
According to insider knowledge cited in the WSJ report, the United States and Canada will be the primary target for the initial rollout of the price rise.
Unfortunately, detailed specifics about the magnitude of the price rise and the exact date of implementation remain unknown. According to the article, Netflix has not yet specified the exact scale of the prospective pricing adjustments or the schedule for when these new charges will take effect. In response to enquiries concerning this situation, Netflix chose not to make an official statement.
Likewise, negotiations and discussions are taking place between the actors’ union, the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA), and the studios’ union, the Alliance of Motion Picture and Television Producers (AMPTP).
The next scheduled meeting between the parties is slated for Wednesday, highlighting the parties’ ongoing efforts to resolve the issues presented by the actors’ strike.
Netflix Reduced Subscription Plans in Certain Countries in February
In a similar incident, after five months of protracted and difficult negotiations, the authors’ union and the AMPTP reached a draft deal last week.
Netflix reduced subscription plan costs in particular areas earlier this year, in February. Concurrently, the corporation announced a program to reduce password sharing among its members.
This project was initially launched in over 100 countries in May as part of Netflix’s comprehensive plan to optimize its subscription models and solve the issues that the competitive streaming business presents.