Netflix to lift prices after adding subscribers

The news: Netflix has raised subscription prices for some of its streaming plans in the US, Britain and France after a password crackdown yielded a better-than-expected increase in subscribers.

The numbers: The streaming giant reported higher-than-expected third quarter earnings-per-share of USD3.73 and posted revenue of USD8.54 billion ($13.5 billion). It also added 9 million new customers worldwide compared to analysts forecasts of 6 million. Netflix shares jumped nearly 7% in after-hours trading to USD369.89.

The context: Netflix increased the price of its premium ad-free plan in the US by $3 per month to USD22.99, while the basic US plan rose by $2 per month to USD11.99. It also raised prices for the basic plans in Britain and France by 1 pound and 2 Euros respectively. The company launched a cheaper tier with advertising last year and then started asking password borrowers to pay, boosting subscriber numbers. The streaming pioneer has been searching for ways to increase revenue as it nears market saturation in the US and faces growing competition from the likes of Walt Disney and Warner Bros Discovery.