As the streaming landscape continues to evolve, Netflix makes strategic moves to maintain its leading position in 2023. The platform has recently announced a change in its pricing structure. The basic plan will now cost $11.99, while the premium plan is priced at $22.99. However, the prices for Netflix with ads ($6.99) and the standard plan ($15.49) remain unchanged.
Key Highlights:
- Introduction of an ad-supported plan with nearly 5 million active users globally.
- Enhancement in sharing features allowing additional member sub-accounts.
- Launch of Moment Sponsorships feature for advertisers.
- A variety of new releases in November 2023, including “High on the Hog”.
Netflix’s introduction of an ad-supported plan is a significant move towards monetizing a larger user base. Just six months into its launch, this plan has nearly 5 million monthly active users globally. On average, more than a quarter of Netflix sign-ups now opt for the ads plan where it’s available. This plan seems to be popular among members aged 18 to 49, with nearly 80% of viewing happening through a TV.
In an effort to create more user-friendly sharing options, Netflix now allows members on Standard or Premium plans in many countries to add an extra member sub-account for up to two people they don’t live with. This feature includes a profile, personalized recommendations, login, and password for an extra monthly fee, further personalizing the Netflix experience for diverse user needs.
Netflix is advancing its advertising strategy by launching Moment Sponsorships. These feature cultural moments for advertisers to tap into, like local holidays. They will become available at the end of this year in the US and will roll out globally in 2024. Additionally, on November 14, brands like T-Mobile and Nespresso will present Live Sponsors for Netflix’s newest live sports event, The Netflix Cup.
Netflix continues to enrich its content portfolio. In November 2023 alone, it has rolled out a variety of new releases. One of the notable releases includes “High on the Hog”, adding to the platform’s diverse genre offerings.
Netflix in 2023 showcases a blend of strategic pricing, enhanced sharing features, evolving advertising models, and a consistent influx of new content. These moves are emblematic of Netflix’s adaptive strategies amidst a highly competitive streaming market, aiming to cater to a broader audience while maintaining its market leadership.
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