Netflix is raising prices Wednesday, one of several changes welcomed by investors and Wall Street analysts. Consumers may be less thrilled. The basic streaming plan, which new customers can't have, will go from $9.99 per month to $11.99; that's the bottom plan without ads. The premium plan will increase from $19.99 to $22.99, while the plan that includes ads, at $6.99, and the standard plan, at $15.49, aren't changing now, per the Hollywood Reporter. Netflix pricing remains in line with other streamers, per Deadline, in a field that's had regular increases.
The company surpassed Wall Street's expectations for the quarter that ended Sept. 30 for earnings per share and subscriber growth, adding 8.76 million subscribers during the three-month period for a total of 247.15 million. Netflix's third-quarter earnings letter cited progress in cracking down on password sharing and in increasing ad-backed subscriptions. The company also announced it's shaking up pay packages for its CEO and other executives, per the Reporter, shifting to "a more conventional model."
Shareholders had voted 3-1 against the compensation plan, according to an SEC filing. "We recognize we don't have wide support for our executive compensation model of the last 20 years," the company's letter said. For 2022, the co-CEOs collected more than $50 million each in pay and stock. Netflix has now limited the salary portion for executives to $3 million. Shares then climbed more than 12% in after-hours trading, to about $388. (More Netflix stories.)
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