(Reuters) – Netflix Inc on Wednesday raised subscription prices for millions of customers in Britain, as the video streaming giant invested heavily in local content such as “The Crown”, “Sex Education” and “Top Boy”.
Netflix hiked the price of the popular two-screen standard subscription by 1 pound to 9.99 pounds ($13.60) per month and the premium subscription by 2 pounds to 13.99 pounds.
“This year we’re spending over $1 billion (736 million pounds) in the UK on new, locally made films, series and documentaries, helping to create thousands of jobs and showcasing British storytelling at its best,” a Netflix spokesman said on Wednesday.
This move comes as Britain recently entered another lockdown due to a growing threat from the new variant of the coronavirus, as people once again stay at home and look to video streaming services for entertainment.
Last October, Netflix hiked prices in the United States for its standard and premium subscription plans, saying that they need to offset investments.
Netflix’s basic plan charges will remain at 5.99 pounds a month.
($1 = 0.7346 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)