Los Angeles: Netflix Inc. will increase monthly subscription prices in the United States from $1 to $2 per month, depending on the plan, to compete in the crowded streaming TV market for new programming, the company said Friday. To help pay.
The Standard plan, which allows 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 from C$14.99 to C$16.49.
The price hike in those markets, for the first time since October 2020, took effect immediately for new customers. Existing members will see the new prices when they receive their monthly bills in the coming weeks. Price hike has not been reported earlier.
“We understand that people have more entertainment options than ever before and we are committed to providing an even better experience for our members,” a Netflix spokesperson said.
“We are updating our prices so that we can continue to offer a variety of quality entertainment options. As always, we offer a variety of plans so that members can choose the price that best suits their budget.
The world’s largest streaming service is facing the toughest competition ever from companies vying for online entertainment. The Walt Disney Company, WarnerMedia’s AT&T Inc., Amazon.com Inc. and Apple Inc. Among those rivals are those that invest billions in new programming.
Netflix said it would spend $17 billion on programming in 2021. The company has not disclosed the expenses for 2022.
The US price of Netflix’s Premium plan, which enables up to four streams at once and streaming in Ultra HD, was increased from $2 to $19.99 per month. For Netflix’s basic plan, with a single stream, the cost increased from $1 to $9.99 per month.
In Canada, the Premium plan increased from C$2 to C$20.99, and the Basic plan remained unchanged at C$9.99.
The United States and Canada are Netflix’s largest regions, with 74 million subscribers as of September 2021. Most of the company’s recent growth has come from overseas.
Netflix’s subscriber growth slowed sharply at the start of the COVID-19 pandemic, but the global phenomenon bounced back with the help of “Squid Game,” a South Korean dystopian thriller released in September. The total global membership reached 213.6 million.
The company’s next customer report is due on Thursday when Netflix posts quarterly earnings. According to Thomson Reuters I/B/E/S data, analysts estimate the company will report 8.5 million new sign-ups from October to December, bringing its global customer base to 222 million.
read all todays fresh news, todays fresh news And coronavirus news Here.