Netflix is raising its subscription price for 58million US account holders, who will see monthly fees increase by 12-18 per cent in the coming months depending on their package.
The biggest single price hike since the streaming giant launched 12 years ago, and the first since 2017, it means those currently on an $11 per month plan— the most popular— will soon be paying $13. For $8 a month the new charges will come in at $9, with premium subscriptions moving from $14 to $16 per month.
The company needs to raise revenue to reduce some of the debt it has taken on during the last few years of heavy investment in original movies and TV series. Around $3billion was spent in 2018 alone.
A host of major new content is scheduled to be added to the database this year, including plenty of music-related titles. 'Turn Up Charlie' will see Idris Elba play a struggling DJ, season three of the acclaimed 'Stanger Things' promises more of that iconic synth soundtrack, 'Rhythm & Flow' is a new hip-hop talent show featuring Chance The Rapper, TI and Cardi B, 'Polar' boasts a soundtrack by deadmau5, and 'FYRE: The Greatest Party That Never Happened' is also inbound— the documentary about 2017's ill-fated festival we recently shared the trailer for.
Share value rose by 6% after the cost increase was announced yesterday, suggesting confidence that higher prices will not lead to a fall in subcriptions. Take a look at these 10 music documentaries worth watching on Netflix if you're still not convinced why people love the platform so much.