Netflix raises monthly charges for UK subscribers

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PARIS, FRANCE - MARCH 28: In this photo illustration, the Netflix media service provider's logo is displayed on the screen of an iPhone in front of a television screen on March 28, 2020 in Paris, France. Faced with the coronavirus crisis, Netflix will reduce visual quality for the next 30 days, in order to limit its use of bandwidth. (Photo Illustration by Chesnot/Getty Images)

Netflix Inc on Wednesday raised subscription prices for millions of customers in Britain, as the video streaming giant invested heavily in local content such as “The Crown”, “Sex Education” and “Top Boy”.

Netflix hiked the price of the popular two-screen standard subscription by 1 pound to 9.99 pounds ($13.60) per month and the premium subscription by 2 pounds to 13.99 pounds.

“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,” a Netflix spokesman said on Wednesday.

This move comes as Britain recently entered another lockdown due to a growing threat from the new variant of the coronavirus, as people once again stay at home and look to video streaming services for entertainment.

Last October, Netflix hiked prices in the United States for its standard and premium subscription plans, saying that they need to offset investments.

Netflix’s basic plan charges will remain at 5.99 pounds a month.