According to a report by the Wall Street Journal, Netflix is planning to raise the price of its ad-free streaming service after the ongoing Hollywood actors' strike comes to an end. The news has caused Netflix's shares to increase by more than 3%.
The report suggests that Netflix is considering raising prices in multiple markets worldwide, but it is likely to start with the United States and Canada. However, specific details regarding the proposed price increase, such as the amount or the exact timing, have not been disclosed yet.
It is worth noting that talks between the SAG-AFTRA actors' union and the Alliance of Motion Picture and Television Producers (AMPTP), which represents the studios, are still ongoing. The two parties are scheduled to meet again on Wednesday. The writers' union recently reached a tentative agreement with AMPTP after five months of unsuccessful negotiations.
Netflix previously reduced the prices of its subscription plans in select countries earlier this year. Additionally, the streaming company implemented measures to combat password sharing among its subscribers. These initiatives were rolled out in over 100 countries in May.
Netflix has declined to comment on the report by the Wall Street Journal. As negotiations between the actors' union and the studios continue, it remains to be seen when and by how much Netflix will raise its prices.