MARTIN Lewis has issued an urgent warning over Netflix’s £24 price hike – but also offered advice on how you could save cash.
The streaming giant announced it will now be charging Brits more to watch their favourite shows.
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The cost jump will see those on a basic plan start paying £7.99 a month, and those on a premium plan splash £17.99 a month.
This will now see Brits on a basic plan pay another £12 a year increase, and those on a premium plan pay £24 a year more.
But, there are ways to cut costs, Martin said.
He wrote on X, previously known as Twitter: “Netflix to hike prices by up to £24 a year for some – here’s what’s happening.”
Martin then shared a link to his Money Saving Expert page, which offered tips on how to slice the amount coming out of your bank.
He said Brits could consider switching to a cheaper subscription.
The MSE advice reads: “If you’re paying for premium and you don’t stream on four screens or download on six devices, it may be worth switching to a standard plan to save £7 a month.”
They also said people could consider sharing an account with a family member or friend that they live with.
It said: “The standard Netflix plan without adverts lets you watch on two screens at once – and you don’t have to be watching the same thing.
“Getting one subscription and splitting the cost with someone else means that you’ll both only pay £5.50 a month for ad-free, HD streaming.
“If you live with two or three others who use Netflix, you can save even more by splitting the premium plan – now £17.99 a month – and paying £6 a month or £4.50 a month each.”
Almost nine million households signed on to the streaming giant between July and September of this year, marking the biggest jump in subscription since the early Covid-19 lockdowns in 2020.
And while some customers will feel the pinch, ad-supported and standard subscription costs remain unchanged.
Netflix axed its basic £6.99 plan for new and rejoining UK (as well as US and Italy) subscribers in June, when it last hiked prices.
At the beginning of October, the Wall Street Journal reported that the streamer was planning on raising the cost of subscriptions again, a “few months” after the Hollywood actors strike ends.
The price hike has happened despite actors continuing their strike over pay and the right to not have their appearance recreated by AI for studios to own forever.
During the summer price hike, many customers simply dropped down a subscription tier.
But a number of subscribers hit their limit earlier this month when rumours of another price hike swirled, with many calling the company “greedy”.
Netflix earned $8.5billion in revenue between July and September, and forecasts another $8.7billion in revenue for the final quarter of the year.
The company noted that some of its recent success was owed in large part to the record-breaking popularity of anime live-action remake One Piece.
