Netflix, the global streaming giant, is set to raise the prices of its ad-free subscription service once the ongoing Hollywood actors’ strike concludes.
The news has propelled the company’s shares up by more than 3%, indicating investor confidence in the move.
According to reports, Netflix is in discussions about raising subscription fees in multiple markets worldwide.
However, it is likely to initiate these price adjustments in its primary markets, the United States and Canada, sources familiar with the matter disclosed.
The exact details of the price increase remain undisclosed, leaving subscribers and analysts speculating about the potential impact on their wallets.
It’s unclear when the new pricing structure will take effect, as Netflix has declined to comment on these developments.
Simultaneously, negotiations between the SAG-AFTRA actors’ union and the Alliance of Motion Picture and Television Producers (AMPTP), representing the studios, continue.
Their next meeting is scheduled for Wednesday, indicating that the strike’s resolution may still be some time away.
In related industry news, the writers’ union recently reached a tentative agreement with the AMPTP after five months of negotiations, potentially signaling a path forward for resolving other labor disputes in Hollywood.
Netflix’s move to increase subscription prices comes after it reduced prices for some subscription plans in select countries earlier this year.
In the same month, the company also introduced measures to curtail password sharing among subscribers, a move that was rolled out across more than 100 countries in May.
