One Year After Netflix Price Hike... IPTV and Partnership Plans Also Increase Rates

LG Uplus to Change Rates Starting November... KT "Under Review"

[Image source=Yonhap News]

[Asia Economy Reporter Oh Su-yeon] After Netflix raised its domestic service prices last November, IPTV providers that had frozen the prices of their bundled plans are now set to increase the prices of Netflix bundle products after one year. Starting next month, LG Uplus's Internet TV (IPTV) Netflix bundled plan prices are expected to rise by up to 8.7%.

According to LG Uplus on the 13th, they plan to raise the prices of IPTV premium Netflix HD and UHD plans starting November 1. LG Uplus will increase the premium Netflix HD plan from 26,300 KRW to 27,800 KRW per month, a 1,500 KRW (5.7%) increase, and the premium Netflix UHD plan from 28,800 KRW to 31,300 KRW per month, a 2,500 KRW (8.7%) increase.

This follows Netflix's domestic service price increase last November, the first in five years. At that time, Netflix raised the Standard plan from 12,000 KRW to 13,500 KRW per month, a 1,500 KRW increase, and the Premium plan from 14,500 KRW to 17,000 KRW per month, a 2,500 KRW increase. The Basic plan remained unchanged at 9,500 KRW per month.

Mobile plans have already adjusted their prices to reflect the increase. LG Uplus announced the Netflix pack price increase in March and applied the new prices in June. KT announced the 5G Choice Netflix plan price increase in April and changed the prices starting June.

The reason for the different timing of Netflix price increases and telecom companies' mobile and IPTV plan price adjustments is attributed to the expiration of contracts signed before the price increase and the signing of new contracts.

Following mobile, LG Uplus is raising prices for IPTV as well, making it likely that KT will soon have to adjust the prices of its Netflix bundled plans. KT currently offers Genie TV Netflix Choice HD at 25,500 KRW per month and Genie TV Netflix Choice UHD at 27,500 KRW per month. Considering the previous mobile plan price increases and LG Uplus's recent case, a similar increase of around 1,500 to 2,500 KRW is expected.

A KT official stated, "Due to Netflix's price increase, we are reviewing a price increase for our Netflix plans," adding, "The specific amount and timing are undecided."

This content was produced with the assistance of AI translation services.