Netflix Inc (NASDAQ:NFLX) plans to raise the price of its ad-free streaming service after the Hollywood actors’ strike has concluded, according to a report from the Wall Street Journal.
The report, which cited sources familiar with the matter, said Netflix is discussing raising its prices in several markets globally, likely to begin in the United States and Canada.
The sources did not tell the publication by how much the streaming platform would raise its prices or when the new prices would come into effect, except for stating that it would be a “few months” after an agreement is struck between the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) actors’ union and Hollywood studios.
A meeting between union representatives and the Alliance of Motion Picture and Television Producers (AMPTP), which represents the studios, is set for Wednesday to progress negotiations with the aim of ending the SAG-AFTRA strike which began on July 14.
The reported upcoming price raise for Netflix’s offering comes after the streamer raised the prices of all its plans last year, bringing its ad-free standard tier to US$15.49 per month and its Premium plan to US$19.99 per month.
It also removed its cheapest ad-free plan for new subscribers in several markets, including the United States, Canada, and the United Kingdom.
Netflix shares were lower following the news, down 1.5% at US$374.70 on Tuesday afternoon.
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