Netflix Plans To Raise Prices After Actors’ Strike Ends

A general view outside the Netflix office after the Writers Guild of America (WGA) said it reached a preliminary labor agreement with major studios in Los Angeles, September 24, 2023. (REUTERS/David Swanson/file photo)

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Oct. 3 (REUTERS) – Netflix (NFLX.O) is planning to raise the price of its ad-free service after the ongoing Hollywood actors’ strike ends, The Wall Street Journal reported on Tuesday, sending the streaming company’s shares up more than 3%.

Netflix is discussing raising prices in several markets globally, but will likely begin with the United States and Canada, the WSJ reported, citing people familiar with the matter.

It was not immediately clear how much Netflix will raise prices by or when exactly the new prices will take effect, according to the report.

Netflix declined to comment on the report.

Talks between the SAG-AFTRA actors’ union and the Alliance of Motion Picture and Television Producers (AMPTP), which represents the studios, are ongoing, with their next meeting scheduled on Wednesday.

The writers’ union struck a tentative deal with the AMPTP last week after five months of failed negotiations.

Netflix cut prices of its subscription plans in some countries in February. In the same month, it laid out a plan to crack down on password sharing by subscribers that was rolled out in over 100 countries in May.

Reporting by Yuvraj Malik in Bengaluru; editing by Anil D’Silva

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