Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. The service’s basic plan now costs 9.99 per month (up from 8. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Netflix first alerted subscribers to its coming price increases in late January. Your CNN account Log in to your CNN account Raising prices on consumers is an easy way to get it. The pricing increase comes a week before the streaming company is set to announce its fourth quarter earnings.īut the reason behind the company’s move is pretty simple: It has been spending billions of dollars on content, and as streaming becomes more integral to the entertainment landscape, growth for companies like Netflix tends to slow and attracting new subscribers gets harder.Īt that point, revenue needs to come from somewhere. Netflix’s stock rose roughly 2% following the news. As always we offer a range of plans so members can pick a price that works for their budget.” “We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options. “We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a Netflix Its basic plan was unchanged.Įxplaining its decision, Netflix provided a statement to CNN that was identical to its comment from October 2020, the last time it raised its prices. The premium plan went up $2 to $20.99 Canadian. In Canada, the price for Netflix’s standard plan also went up $1.50 to $16.49 Canadian. The basic plan went up $1 to $9.99 and the premium plan increased $2 to $19.99 In the United States, the subscription price for the standard plan rose $1.50 to $15.49. The streaming media company said Friday it is raising the prices on its plans in the United States and Canada. The company spent an estimated $166 million on its executive pay package last year.Īlexandra Canal is a Senior Reporter at Yahoo Finance.Your Netflix bill is about to go up again. Outside of content investments, the company said in its shareholder letter that it will plan on "substantial changes for 2024" to its executive compensation plan after shareholders rejected a multi-million dollar executive compensation package earlier this summer. In the meantime, the platform will lean on new programming - such as live events.Įarlier this week, the company confirmed the debut of “The Netflix Cup,” a celebrity golf tournament that will feature athletes from "Formula 1: Drive to Survive" and “Full Swing.” The event will stream live from Wynn Gold Club in Las Vegas on Nov.14. We’re committed to resolving the remaining issues as quickly as possible so everyone can return to work making movies and TV shows that audiences will love."Īs Hollywood productions remain shut down amid the actors strike, the company said it expects to spend around $13 billion on content this year before boosting that number to $17 billion next year, assuming the SAG strike is resolved in the near future. "While we have reached an agreement with the WGA, negotiations with SAG-AFTRA are ongoing. "The last six months have been challenging for our industry given the combined writers and actors strikes in the US," the company said in its release. Netflix boosted its full-year free cash flow guidance to $6.5 billion, up from the prior $5 billion, citing the impact of the double Hollywood strikes. The company said it expects full-year operating margins to hit 20% - the high end of its previous forecast between 18% and 20%.įree cash flow impressed at $1.89 billion, above consensus calls of $1.27 billion. Operating margin hit 22.4% in the quarter, surpassing Netflix's own projection of 22.2%. Profitability metrics like operating margin and free cash flow, however, steadily beat expectations. The Netflix logo is displayed at the entrance to Netflix Albuquerque Studios film and television production studio lot in Albuquerque, N.M., on Oct.
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