Netflix has announced a price hike for its streaming services in Ireland as global competition continues to put pressure on the giant’s market share and revenue.

Starting today (10 March), Netflix users in Ireland will have to pay €14.99 for the popular ‘standard’ package – up from €12.99. The cost of the ‘basic’ package, which hasn’t seen an increase in a decade, will now be €8.99 instead of €7.99.

The most dramatic increase in cost has been for the ‘premium’ package, which went up by €3 per month to €20.99. Premium lets users access Netflix and download content on four different devices at the same time.

The move comes almost exactly a year since the last time Netflix raised its cost of subscription in Ireland last March and is likely an indication of the company’s financial struggle to hold on to its market share and remain financially viable at the face of stiff competition in the industry.

According to media reports, the price changes are immediate for new subscribers while existing subscribers will be given 30 days’ notice.

A spokesperson for Netflix told media outlets that the updated prices “reflect the investment we have made in our service and catalogue” and will allow the company to continue making popular films and TV shows, such as Bridgerton, The Crown and Vikings: Valhalla.

“We have always been focused on providing our members both quality and clear value for their membership,” the spokesperson said. “We offer a range of plans so members can choose a price that works best for them.”

Some of the platform’s many popular shows have had their production and filming done in Ireland, including the most recent hit Vikings: Valhalla in Co Wicklow. Fate Winx Saga was also filmed in Co Wicklow, while My Father’s Dragon was filmed in Kilkenny.

Narrowing gap

Netflix hasn’t had the best year in terms of subscriber growth. In its earnings call in January, Netflix said it is experiencing a slowdown in subscriber additions and gave a weak forecast for the first quarter of 2022. As of then, its global paid subscribers stood at nearly 222m.

Meanwhile, Netflix’s most potent competitor, Disney+, has been catching up fast in terms of subscribers, as the gap between the two was seen to be narrowing since last summer.

Just last week, Disney+ announced that it is launching a new ad-supported subscription package for US customers later this year and worldwide next year, in an effort to further grow its subscriber base.

Even though things don’t look up for Netflix at the moment, the streaming giant has been looking elsewhere to hold on to its competitive edge. Last week, it shelled out €65m for Finnish game studio Next Games having already acquired US game developer Night School Studio last year.

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