Netflix subscription rates in the UK speculated to go up soon following US price hike

Amid the pandemic, people were urged to follow social distancing and not step out unless it was absolutely necessary for a specific reason. As such, Netflix reported a huge growth in 2020 along with other streaming services. With no end in sight to the health crisis just yet, analysts expect the business to continue its surge throughout 2021. Perhaps in a bid to capitalise on its market dominance, subscription prices in the United States will go up and the United Kingdom is likely to follow soon thereafter.

The price hike will affect two of its monthly plans: Standard from $12.99 to $13.99 and Premium from $15.99 to $17.99. Meanwhile, the Basic tier will remain at $8.99 until further notice. This was apparently confirmed by Netflix executives at an earnings call last week. According to CNBC, subscribers will receive a notice at least 30 days before the changes take effect and the updated pricing will be reflected in their statement in the next two months.

As detailed by the company, the reason behind the new rates is to supposedly deliver more value for its customers in the United States. Netflix chief operating officer Greg Peters said: "There is that opportunity to occasionally go back and then ask for members, where we've delivered that extra value in those countries, to pay a little bit more."

As such, sources speculate that the users in the U.K. will soon see a similar increase in a few months after it takes effect in the U.S. Nevertheless, as of this writing, a representative from Netflix claims there are no immediate plans to change subscription prices in the U.K. However, as subscription prices went up in 2019, it does not mean that there will not be one in the future.

In a related report, there have been rumours that the latest James Bond movie – "No Time to Die" – might debut on Netflix and other streaming platforms instead of cinemas. It was originally slated for an April 2020 release but was postponed to 2021 due to the coronavirus outbreak. Based on the current situation, it is unclear if a vaccine or treatment would put an end to the pandemic.