My suspicion is that this has more to do with propping up their falling stock price, through increasing prices and profit though this is secondary to the stock price.

They've already maxed out their US and international subscriber base, they're likely running out of show ideas to bring in a new audience, and any subscriber base increase from here on is an uphill climb.

So simplest way to increase revenue, profits and hence stock price? Increase monthly subscription fees and hope that those who stay and pay the higher prices make up for people who will jump ship. My guess is they have done this analysis already internally and determined that it's the right way to go for company finances.

Just to summarize their financial situation: in 2020, they made $25 billion in revenue and $2.76 billion net income (slightly over 10% profit margin). Revenue grew 24% from 2019 to 2020 (I think likely subscriber count increase.)

Their stock price high seems to be $691 in November 2021, and since then their stock price has fallen roughly 25% to mid or low $500s now.