Exclusive-Netflix raises monthly subscription prices in the US and Canada


LOS ANGELES: Netflix Inc has raised its monthly subscription price from $1 to $2 per month in the United States under plan, the company announced on Friday, to help pay for new programming to compete in the crowded streaming market. streaming television.

The standard plan, which allows two simultaneous streams, now costs $15.49 per month, compared to $13.99 in the US.

Prices have also increased in Canada, where the standard plan has gone from C$14.99 to C$16.49.

The price increases, the first in these markets since October 2020, took effect immediately for new customers. Existing members will see the new prices in the coming weeks when they receive their monthly invoices. Price increases have not been previously reported.

See also  Guggenheim names Nike its best idea for 2022, citing metaverse game

“We understand that people have more entertainment choices 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 wide variety of quality entertainment options. As always, we offer a range of plans so members can choose a price that suits their budget,” added the spokesperson.

The world’s biggest streaming service faces the toughest competition from companies looking to lure viewers into online entertainment. Walt Disney Co, AT&T Inc’s WarnerMedia, Amazon.com Inc and Apple Inc are among rivals pouring billions into new shows.

See also  LoveFilm Co-Founder William Reeve Explains How To Make WFH Successful

Netflix had announced that it would spend $17 billion on programming in 2021. The company did not disclose its spending for 2022.

The US price of Netflix’s premium plan, which allows four streams at once and ultra HD streaming, has been increased by $2 to $19.99 per month. For Netflix’s basic plan, with one stream, the cost has increased by $1 to $9.99 per month.

In Canada, the premium plan increased by CA$2 to CA$20.99, and the basic plan remained unchanged at CA$9.99.

The United States and Canada are Netflix’s largest region with 74 million customers as of September 2021. Most of the company’s recent growth has come from overseas.

See also  Inpex will conduct exploratory gas drilling off western Japan

Netflix subscriber growth slowed after a boom at the start of the COVID-19 pandemic, but rebounded with the help of global phenomenon “Squid Game,” a dystopian thriller from South Korea released in September. Total global subscriptions reached 213.6 million.

The company’s next subscriber report is due Thursday when Netflix releases its quarterly results. Analysts expect the company to report 8.5 million new signups from October to December, according to Thomson Reuters I/B/E/S data, bringing its global subscriber base to 222 million.

(Reporting by Lisa Richwine; Editing by Cynthia Osterman)


Please enter your comment!
Please enter your name here