Netflix has increased the price of its monthly subscription in the United States by $1 to $2 per month, depending on the plan, the company announced.
In the United States, the base package, which allows for two simultaneous streams, is now $15.49 per month, up from $13.99 previously.
Prices in Canada also increased, with the regular plan rising to C$16.49 from C$14.99.
Existing members will be notified of the increased costs when they get their monthly invoices in the coming weeks.
“We recognize that people have more entertainment options than ever before, and we’re committed to giving our members an even better experience,” a Netflix spokeswoman said.
“We’re changing our prices so we can keep providing a diverse range of high-quality entertainment options. We continue to offer a variety of options so that members can choose a price that fits their budget “Added the spokeswoman.
Despite previous price increases, Netflix has gained consumers, indicating that its subscribers are prepared to pay higher prices.
With 74 million streaming customers as of September 2021, the United States and Canada are Netflix’s largest regions. In the third quarter of 2021, the area contributed over 44% of the company’s revenue, or $3.3 billion.
Netflix’s subscriber growth slowed after a surge early in the COVID-19 pandemic, but it revived in September because of the global phenomenon “Squid Game,” a dystopian thriller from South Korea. The total number of subscriptions in the world has reached 213.6 million.
Following the announcement of the price hikes, Netflix’s stock rose nearly 3% to $533.84 on Nasdaq. They ended the day at $525.69, up 1.3 percent.
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