Netflix plans to “retire” its $11.99 a month Basic subscription.The plan is only available to existing users.Netflix cemented its place as the dominant streaming service with its earnings on Tuesday.
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Netflix plans to “retire” its cheapest ad-free plan in some countries.The streaming giant has already limited the $11.99-a-month Basic subscription, blocking new or returning users from signing up for the plan in the US and UK since July last year.On Tuesday, Netflix said it planned to phase out the plan where it’s still available, starting with the UK and Canada, in the second quarter of the year.Netflix recently raised the plan’s price from $9.99 to $11.99 a month for subscribers in the US, UK, and France. The increase was part of a other increases, with the premium plan rising $3 to $22.99.The move leaves some users facing a de-facto price increase as Netflix’s next cheapest ad-free plan costs $15.49 a month. A plan with advertising is also available at $6.99 a month.Netflix cemented its place as the dominant streaming service with its Tuesday earnings. The company reported a record fourth quarter, adding 13.1 million subscribers and boosting its total to 260 million globally.Its closest rival, Disney+, is still trailing far behind with 150 million subscribers.Shares in Netflix jumped have risen by more than a third in the past year, valuing the company at about $215 billion. On the call, Netflix co-CEO Ted Sarandos said he was “thrilled” with the controversial password-sharing crackdown.”Our engagement is a bit impacted by our paid sharing. Think about it like fewer households using the same account,” Sarandos said. “So as those folks spin off and get their own accounts, and we win them over with our programming, that will normalize and continue to grow. We’re really pleased with our engagement.”On Tuesday Netflix announced a $5 billion, 10-year deal with TKO Group to bring Raw, the weekly WWE pro wrestling show, to Netflix in the US and other countries from 2025.Netflix did not immediately respond to a request for comment from Business Insider, made outside normal working hours.
