![]() ![]() In November, Netflix launched its ad-supported subscription offer in the UK and about a dozen other markets – priced at £4.99 a month, £2 less than its current cheapest option – in an acceleration to a planned rollout next year in a bid to reignite its stalled global growth. Only Disney+, home to popular franchises including Marvel, Pixar and Disney, is predicted to continue to show strong growth, adding an expected 1.4 million new customers this year. Netflix is forecast to lose about 200,000 UK subscribers in 2023, and Prime Video is set to contract by about 100,000. ![]() “Our base assumption is Netflix moves back into growth with the UK economy, which is likely to be 2024.” “Given the wider economic pressures the UK is facing I’m not expecting Netflix to go back to growth in 2023,” says Richard Broughton, director at Ampere Analysis. However the dire state of the UK economy – with inflation running at a four-decade high of almost 11% and an outlook significantly worse than most major world markets – means the subscriber recovery will take significantly longer. ![]() It ended 2022 with the highly anticipated release of Glass Onion: A Knives Out Mystery on 23 December. Globally, Netflix bounced back to growth in the third quarter, adding a better-than-expected 2.4 million subscribers, thanks to series including Dahmer and Stranger Things 4. The only major service to maintain significant momentum is Disney+, the newest streaming superpower, launched in the UK in early 2020, which will report market-leading growth of 1.4 million subscribers to take its UK base to 6 million this year. The launch of Lord of the Rings spin-off The Rings of Power, the world’s most expensive TV show with the first series costing an eye-watering $465m (£336m), helped rival Amazon’s Prime Video grow its UK base from just over 12m to 12.3m accounts in 2022. In 2021, the company gained 800,000 subscribers, its lowest since launching in the UK in 2012, as consumers approached “peak Netflix”. Netflix, the UK’s most popular service, is predicted to be the only major streamer to have lost subscribers in 2022. Netflix has not yet commented in response to the lawsuit.The company, which has cut staff and become more disciplined with its $17bn (£14bn) annual content budget after earlier this year reporting its first global subscriber declines in a decade, will have seen its UK user base drop from 14.2 million to 13.7 million this year, according to the research firm Ampere Analysis. Keritsis is suing Netflix for breach of contract and is seeking class certification for “all persons who entered into an agreement with Netflix for a streaming plan at a subscription price that Netflix promised not to increase for as long as they continuously maintained their subscriptions.” He says that’s at least 22 million people. ![]() The Netflix representative stated that Netflix would raise prices for all grandfathered accounts, not just Plaintiff’s account.” “Plaintiff protested that the price increase was inconsistent with the lifetime price guarantee. “The Netflix representative stated that he could see Plaintiff’s account was ‘grandfathered in,’ states the complaint. The email listed a phone number for subscribers who had questions, so Keritsis called. In June, Keritsis received an email from Netflix informing him that his “special pricing” is ending and his new price would be $9.99 per month. In October 2012, his rate increased to $8.68 per month. The telephone representative ensured Keritsis the fee would be “grandfathered,” and he subscribed based on that representation. George Keritsis says he saw an ad promising that Netflix would guarantee the $7.99 monthly subscription price and called the company to confirm it was true. ![]()
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