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Netflix shares drop after Apple says its TV service will be cheaper


Netflix Co-founder, Chairman & CEO Reed Hastings attends a Q&A during a Transatlantic Forum in Lille, France.

Sylvain Lefevre | Getty Images

Netflix shares fell more than 2% on Tuesday after Apple announced that its subscription TV service will launch in November and will be free for a year for customers who buy a Mac, iPhone or Apple TV.

Apple’s streaming product, Apple TV+, was expected, but consumers didn’t know how much they would be paying. CEO Tim Cook said the ad-free service will cost $4.99 a month for the whole family. Providing original content via subscription is the company’s latest effort to bolster its services business as iPhone sales slow.

Netflix raised the price of subscriptions in January. It now starts at $8.99 a month. The most popular offering costs $12.99, and its premium plan is $13.99.

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