Netflix Raises Prices Amid Password Sharing Crackdown, Subscribers Surge

Netflix has announced another round of price increases, with its premium ad-free plan in the US rising by $3 per month to $22.99. The basic plan will increase to $11.99, while other plans will remain the same. The company reported a 9% YoY increase in average paid memberships, attributing some of the growth to its crackdown on password-sharing. Netflix's stock jumped by 12% in after-hours trading following the announcement. The company also highlighted its investments in gaming and sports content to attract new subscribers. The price hikes come as Hollywood studios demand more from streaming services, and as production costs rise after the end of the writers' strike. Netflix plans to offer a wider range of price points in the future to cater to different consumer needs.