Netflix has raised its monthly subscription price by $1 to $2 per month in the United States depending on the plan, the company said on Friday, to help pay for new programming to compete in the crowded streaming TV market.
The price hike comes on the heels of the streaming service’s wildly successful ‘Squid Games.’ The popular Korean Netflix series was an instant hit after its September 2021 premiere and has continued to draw viewers ever since.
The standard plan, which allows for two simultaneous streams, now costs $15.49 per month, up from $13.99, in the United States.
Prices also went up in Canada, where the standard plan climbed to C$16.49 from C$14.99.
The price increases, the first in those markets since October 2020, took effect immediately for new customers.
The US price of Netflix’s premium plan, which enables four streams at a time and streaming in ultra HD, was increased by $2 to $19.99 per month.
For Netflix’s basic plan, with one stream, the cost rose by $1 to $9.99 per month.
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In Canada, the premium plan rose by C$2 to C$20.99, and the basic plan was unchanged at C$9.99.
The United States and Canada is Netflix’s largest region with 74 million customers as of September 2021. Most of the company’s recent growth has come from overseas.
Netflix’s subscriber growth slowed from a boom early in the COVID-19 pandemic but rebounded with help from global phenomenon ‘Squid Game,’ a dystopian thriller from South Korea released in September.
Total global subscriptions reached 213.6 million.
Existing members will see the new prices in the coming weeks when they receive their monthly bills. The price increases have not been previously reported.
‘We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,’ a Netflix spokesperson said.
‘We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options.’
‘As always we offer a range of plans so members can pick a price that works for their budget,’ the spokesperson added.
The streaming service has undergone several price hikes over the years for both its standard and premium subscription packages.
In 2013, the base price for a standard Netflix subscription was $7.99 per month, the next price jump was in April 2014, when the price moved to $8.99 per month.
In October 2015, standard monthly prescriptions increased to $9.99 per month, and in September 2017 it jumped to $10.99 a month.
Roughly two years later in January 2019, the price spiked another dollar to $11.99, and again by another dollar in October 2020 to make it a monthly subscription cost of $13.99.
Meanwhile, Netflix still leads the cost in highest price for a monthly subscription when compared to its streaming service competitors.
The second highest rates are tied between Paramount Plus and HBO Max at $14.99 per month, then Amazon Prime Video at $12.99 a month, Disney+ at $7.99 per month, Hulu at $6.99 per month, and Peacock at $4.99 per month.
Apple TV and Discovery Plus currently sit at $4.99 per month as well.
That was the last price hike for Netflix until this week, with the price now increasing once again to a total of $15.49 for a standard monthly subscription.
The world’s largest streaming service is facing the most competition ever from companies looking to attract viewers to online entertainment.
Smash hit: The popular Korean Netflix series was an instant hit after its September 2021 premiere
Success: The nine-episode show became Netflix’s best series debut ever, eventually reaching over 3 billion minutes streamed
Walt Disney Co, AT&T Inc’s WarnerMedia, Amazon.com Inc and Apple Inc are among the rivals pouring billions into new programming.
Netflix had said it would spend $17 billion on programming in 2021. The company has not disclosed spending for 2022.
The company’s next subscriber report is due Thursday when Netflix posts quarterly earnings.
Analysts project the company will report 8.5 million new sign-ups from October through December, according to Thomson Reuters data, bringing its global subscriber base to 222 million.
Source: Daily Mail
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