Netflix is increasing prices by as much as 20 percent for many US customers

As Netflix revealed its quarterly earnings, the company also announced a couple of subscription price hikes for its customers in the US, UK and France. The price increases come despite Netflix's recent password-sharing crackdown which it says has resulted in millions of new revenue-bringing subscribers.

Both the Premium plan and the Basic plans will increase in price, but the Standard and ad-supported plans will remain as they are. Although Netflix's Basic plan is no longer available to new customers, users who have been grandfathered on this tier face the largest price jump.

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For anyone who has managed to stick with a Basic subscription, the price jump of 20 percent is small in financial terms -- just $2 per month. But in relative terms increasing the price by a fifth from $10 to $12 per month is significant. For subscribers on the Premium plan, the increase sees monthly charges changing from $20 to $23.

There are similar price increases in the UK and France, but there will be greater impact in the US due to the larger customer base.

Announcing the subscription fee changes, Netflix says:

While we mostly paused price increases as we rolled out paid sharing, our overall approach remains the same -- a range of prices and plans to meet a wide range of needs, and as we deliver more value to our members, we occasionally ask them to pay a bit more. Starting today, we're adjusting prices in the US, UK and France. In the US, our ads ($6.99) and our Standard plans ($15.49) will stay the same, while Basic will now be $11.99 and Premium $22.99. For the UK and France, our pricing for Ads/Basic/Standard/Premium are UK £4.99/£7.99/£10.99/£17.99 and 5.99€/10.99€/ 13.49€/19.99€, respectively (like the US, our Ads and Standard plans in UK and France are unchanged).

But Netflix is keen to push the idea that even after price increases, it is still an affordable streaming service that offers great value for money. The company says: "Our starting price is extremely competitive with other streamers and at $6.99 per month in the US, for example, it's much less than the average price of a single movie ticket".

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