Netflix will increase its prices again in 2024 according to an industry-leading analysis.

Variety reports that UBS Securities analyst John Hodulik said, “We expect rate increases this year,” in a note this week about the streaming platform. Netflix is the ultimate beneficiary as the streaming industry shifts its focus from subscriber growth towards profitability.

It has only been a few months since the company canceled its $9.99 monthly plan for new customers and raised it to $11.99. The company’s most expensive service is already $22.99 monthly.

Netflix’s co-CEO Greg Peters stated that during the Q4 2023 earnings conference call, the company had “largely halted price increases” while launching the paid-sharing program. He described it as a “form of substitute price hike”.

He continued:

We’ve now finished with that and can resume our standard approach to price increases. You’ve seen price increases in the U.S., U.K., and France. These changes were much more successful than we had anticipated.

We will continue to watch other countries, and try to assess… When we have delivered enough added entertainment value for us to ask [customers] a little more money to keep this positive flywheel moving we can invest more in great films, series, and games. You know, the summary might be ‘Business as usual’.

UBS’s analysis raised the price target of Netflix for the coming year from $570 per share to $685, maintaining its “buy” recommendation. Netflix’s share price increased by 1.5 percent after this announcement.

Netflix’s crackdown on password-sharing in 2023 helped it add 13 million additional subscribers globally, consolidating its place as the most popular streaming service.

Netflix is a company that leans left, both in its culture and in its programming. However, in 2022 the company made a point of warning its “woke” staff members that the company would not censor content to protect their feelings.

‘Netflix might not be for you if you find it difficult to keep up with our wide range of content,” stated the memo. “Entertaining people around the globe is both an incredible opportunity and a challenge because they have different tastes and opinions.” “We offer a variety of shows and films, some of which are provocative.”

Netflix released a Netflix Special with comedian Dave Chappelle, which sparked a dispute about its programming. Chappelle’s performance included a few jokes that were standard about transgenderism. This led to some employees threatening to “trans-walk out” in protest.

The company also canceled some of its most woke, most propagandistic series, such as “Wings of Fire,” produced by Ava DuVernay, “Antiracist Baby,” an educational preschooler’s show, and “With Kind Regards from Kindergarten.” Since then, the company’s fortunes have, coincidentally or not, been on an upward trend.