After recently decreasing the prices in India to reach a greater audience and encourage an increase in subscription rates, Netflix has raised the monthly subscription price in the United States by $1 to $2 per month based on the plan.
Due to an increasingly competitive market, with various other streaming services on the rise, the increase in subscription prices will apparently help the platform fund better programming.
According to a Netflix spokesperson, “We’re 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 pick a price that works for their budget.”
Previously, the standard plan cost $13.99 per month which has been raised to $15.49. The basic plan has been raised from $8.99 to $9.99 while the premium plan is priced at $19.99 per month now. Previously, the premium plan was available for $17.99 per month.
In Canada too, the prices have been hiked by a similar amount.
New customers will have to pay these rates on subscription while existing customers will find a price change on their new monthly bills.
After having a brilliant year in 2021 due to massive revenue inputs from shows like Squid Game, Money Heist, Sex Education and more, the streaming giant has reached its peak. The subscriber growth had peaked at the start of the pandemic in 2020 and by 2021 it reached a plateau.
To keep up with the increasing competition from fellow rivals, especially Disney+ and HBO Max, the streamer is determined to go to great lengths to have hit shows as big as Squid Game every year, thus increasing the prices.