Netflix raises prices for standard and premium plans in the US and Canada

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Netflix Inc. has increased its monthly subscription price by $1 to $2 per month in the United States, according to the plan, the company said Friday, to help pay for new programming to compete in the saturated streaming market.

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

Prices also rose in Canada, where the standard plan rose from $14.99 to $16.49.

The price increases, the first in those markets. from October 2020 — went into effect immediately for new customers. Existing members will see the new prices in the coming weeks when they receive their monthly bills. Price increases have not been previously reported.

Rising costs to create new content

“We understand that people have more entertainment options than ever and we are committed to providing an even better experience for our members,” said a Netflix spokesperson.

“We are updating our pricing so we can continue to offer a wide variety of quality entertainment options. As always, we offer a variety of plans so members can choose a price that fits their budget,” the spokesperson added.

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

Netflix had said it would spend $17 billion on programming in 2021. The company hasn’t disclosed spending for 2022.

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

In Canada, the premium plan increased from $2 to $20.99 and the basic plan remained unchanged at $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 abroad.

Netflix subscriber growth slowed due to a boom early in the COVID-19 pandemic, but has rebounded with the help of the global phenomenon. squid game, a dystopian thriller from South Korea released in September. Total global subscriptions reached 213.6 million.

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