Why Netflix is increasing cost of subscription for customers?

As Britain enters the new-lockdown Netflix Inc raised its subscription charges for millions of stay-at-home customers on Wednesday.

The streaming services for entertainment increases its price for the most demanded two-screen standard subscription by 1 pound to 9.99 pounds ($13.60) per month. For the premium subscribers, the price is hiked from 2 pounds to 13.99 pounds per month.

On Wednesday a Netflix spokesman told, “This year we’re spending over $1 billion (736 million pounds) in the UK on new, locally made films, series, and documentaries, helping to create thousands of jobs and showcasing British storytelling at its best.”

The announcement came after England enters the new lockdown measures due to increasing threats from the latest coronavirus variant. So, the residents of Britain are once again made to sit at home and look for video streaming services for entertainment.

Netflix hiked rates in the United States last October for its regular and premium streaming plans, claiming they need to compensate for investments.

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