Netflix Friday announced that it has decided to increase the prices of most of its subscription plans in the U.S. and Canada, as the streamer wants to earn more revenue. There will be a new $ 1 increase for the Standard plan and a $ 2 increase for the Premium plan that includes 4K streaming. The new monthly price for the standard plan is now $ 15.50 above the previous $ 14, and the new price for the 4K Premium plan is $ 19.99 from $ 17.99. This is the streamer’s 6th price increase since 2014 where the streamer increased its standard plan price to $ 8.99 from its original $ 7.99. However, the company was so concerned about the loss of subscribers over the $ 1 per month hump that it allowed existing members to keep their prices for two years.
The company has also raised prices in Canada. The standard package increased by $ 1.50 (CAD), to $ 16.49 (CAD), and the Premium plan increased by $ 2 (CAD) to $ 20.99 (CAD) / month. The basic plan remained unchanged at $ 9.99 (CAD) / month.
“We understand people have more entertainment choices than ever before and we are committed to providing an even better experience for our members,” a Netflix representative said in a statement. Variety. “We are updating our prices so that we can continue to offer a wide range of quality entertainment options. As always, we offer a range of plans so that members can choose a prize that works for their budget. ”
In the fall of 2021, Netflix added 4.4 million subscribers, bringing its global subscriber number to 213.5 million. Netflix also got 70,000 streaming subscribers in the US and Canada. It got about 940,000 in UCAN to stand at 74.0 million compared to a net addition of 18.1 million worldwide. Netflix’s share rose about 2% after the news on Friday.
The power wars continue to rage
Streaming sites have taken over the usual television plans as services including Netflix, Hulu, HBO Max, and more TV and movie viewers have provided a better and more convenient experience. Viewers even carry multiple subscriptions from various streaming services to watch their favorite TV shows.
For example, shows like Squid Game is only streamed exclusively on Netflix while programs like The big is streamed exclusively on Hulu only. Streaming is an integral part of entertainment, meaning streamers like Netflix spend more than a billion dollars on content which in turn leads to higher prices to earn more revenue.
The price increase takes effect immediately for new subscribers, while existing Netflix subscribers will receive an email notification 30 days before their prices change.
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