It now costs £17.99 to stream Netflix advert-free after the streaming giant opted to raise prices, despite recent success.

A crackdown on password sharing this year led to 8.8m more subscribers from July to September, the largest rise since the start pandemic.

As a result, UK prices for ad-free streaming have risen from £15.99 to £17.99, while the basic service is rising by £1 to £7.99.

The near-9m rise in subscribers was significantly higher than the 6m that Wall Street predicted, as the company face fears over future subscriptions due to rising competition and a Hollywood strike delaying new releases.

Film and television writers agreed a new contract to end the strike in September, but actors remain off work.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: "The ad-supported tier is still very much in its infancy, and while a respectable whack of revenue's being generated, the focus is very much on what the longer-term growth trajectory will be.

"There have been rumblings that the ad business isn't as hot as it could be so there's pressure for performance to keep moving upwards.

"The market is increasingly preoccupied with where Netflix's long-term growth drivers are coming from, with a limit to how far membership prices can be inflated in the current environment and the tailwind from the password crackdown due to taper out at pretty exceptional speed."

FTSE 100

The UK's top share index, the FTSE 100, was down 38-points at 7,461, shortly after opening this morning.

Brent crude futures were up 0.70% this morning at $93.03 a barrel.

Companies reporting today

InterContinental Hotels Group is reporting a Q3 trading statement.

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