Netflix announced plans to increase the cost of its ad-free service once the ongoing Hollywood actors’ strike is resolved, according to a report from the Wall Street Journal. This news drove Netflix’s stock price up by more than 3%.
Sources familiar with the matter revealed that Netflix is considering price hikes across various global markets, with a potential initial rollout in the United States and Canada. However, the exact percentage increase and the implementation date remain undisclosed at this time.
Netflix refrained from commenting on the report.
Negotiations between the SAG-AFTRA actors’ union and the Alliance of Motion Picture and Television Producers (AMPTP), representing the studios, are still in progress, with their next meeting scheduled for Wednesday.
In contrast, the writers’ union reached a tentative agreement with the AMPTP last week after five months of unsuccessful negotiations.
In February, Netflix reduced subscription prices in certain countries. During the same month, the streaming platform introduced measures to curb password sharing among subscribers, which were subsequently implemented in over 100 countries in May.