TV AND FILM STREAMING SERVICE Netflix has hiked its UK prices by a quid as it looks to cash in on its growing popularity.
Netflix announced the upcoming price increase during its first quarter earnings call last month, advising that doing so will allow it "to license much more content and deliver it in very high quality video."
Netflix advised customers on Friday that the price increase is now in place, although its website splash presently claims otherwise, with a monthly subscription to the service now costing £6.99. Its prices are going up across Europe by €1 too.
However, the firm told existing subscribers that as a "thank you" they will continue to pay the old price of £5.99 for two years.
The email reads, "In order to continue adding more films and TV programmes, we are increasing our price from £5.99 to £6.99 for new members. As a thank you for being a member of Netflix already, we guarantee that your plan and price will not change for two years."
As well as allowing it to provide more high-quality shows, which we're hoping includes a fourth series of House of Cards, this incremental price increase sees Netflix cashing in on its growing popularity.
Citrix CEO Mark Templeton this week praised Netflix for its business model, and advised that IT organisations should follow the streaming service's lead.
Speaking at a conference, Templeton said, "Think about it - they don't own the screens, they don't own the content, but man, do we consume their services, because they're sitting in the middle aggregating them and delivering them in a high-quality way.
"They are thinking about us as consumers in a way that they can actually merchandise services and bring us the programming and entertainment that we want."
Netflix is expected to increase its prices in the US towards the end of July, with the firm having said that it will raise prices by "one or two dollars" per month. µ
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