Netflix has written to its UK customers to explain why its prices are going up – but it’s barely managed to muster a paragraph.
As was revealed over the last week or so, the streaming giant Netflix is set to increase the monthly price of two of its membership tiers. This change comes into effect in November in the UK, and the firm has begun the process of writing to its customer base to explain the change.
In an email to subscribers is entitled ‘we’re updating our prices – here’s why’, but it’s fair to say that little effort was put into explaining the justification. The 33 word answer to the ‘here’s why’ part of the question simply reads as follows:
This update will allow us to deliver even more value for your membership – with stories that lift you up, move you or simply make your day a bit better.
Netflix, last week, reported that in the three month period ending 30th September 2023 it had a revenue of $8.5bn globally, off the back of “higher-than-expected member growth”. The firm reported that paid memberships had gone up by 8.8 million people worldwide, as its crackdown on password sharing began to bite.
As per its letter to investors, “While we mostly paused price increases as we rolled out paid sharing, our overall approach remains the same — a range of prices and plans to meet a wide range of needs, and as we deliver more value to our members, we occasionally ask them to pay a bit more.”
That explanation to investors ran to 49 words, if you’re counting.
Netflix has also confirmed that its priority is to grow its ad-tier membership, which it figures will be more lucrative in the long run. Still, from this month, those on the basic paid Netflix UK service will see their bill go from £6.99 to £7.99, while at the premium end of things, there’s a £2 price rise from £15.99 to £17.99, the latter being a jump of more than 12 percent.
The increases, as mentioned, kick in this month. Merry Christmas!
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