Streaming service Netflix will increase the prices of its two most expensive monthly plans in South Africa from Tuesday (19 October).
The price of the popular Standard plan will increase by R20, increasing from R139 to R159 per month.
Netflix’s top-end Premium subscription goes up by R30, from R169 to R199 per month.
Netflix said that while the increases to its Standard and Premium services will roll out to existing members over the coming weeks, the price hikes will apply to new members immediately.
“In August 2018, when we localized currency for subscriptions in South Africa, the Basic and Standard decreased, and Premium remained about the same. Existing members will start to be notified seven days later, one month ahead of their next bill.”
“This will be the first price change in South Africa since the service’s launch in 2016 that is not related to currency change,” Netflix said.
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Netflix said that it is committed to producing local content in South Africa, and rolling out new features.
“Our number one focus is providing an entertainment experience that exceeds members’ expectations,” it said.
“We are updating our prices for the first time in South Africa to reflect improvements to our catalogue of movies and shows and the quality of our service — and, most importantly, so that we can continue giving you more options and continuously increasing value. We offer a range of plans so that people can pick the one that works best for them.”
The group’s financial results are due out on Tuesday. Its hit show “Squid Game” is driving the company’s shares to outperform its streaming rivals as well as other technology peers in the month since the release of the TV series, Bloomberg reported.
The show has now boosted the stock’s market value by $19 billion since its launch in mid-September. UBS Research analysts say they expect the company will indicate further acceleration in sign-ups for its app for the current quarter on the back of some hit series, including “Squid Game.”
The South Korean show is about indebted people in a deadly contest for a cash prize. It cost $21.4 million to produce. About 132 million people watched at least two minutes of “Squid Game” in its first 23 days, breaking the Netflix record set by “Bridgerton.”