Netflix will notify customers via email and within the Netflix app before new prices are applied.
New York — Netflix is raising prices for US and Canadian video streaming customers less than a year and a half after the last price increase amid intensifying competition from other streaming services.
A company in Los Gatos, California announced on Friday that prices will rise by $ 1 to $ 2 depending on plans. The “standard” plan most people adopt will increase by $ 1.50 to $ 15.50. The Canadian dollar has risen to 16.50 Canadian dollars in the local currency for the same amount.
With Netflix facing saturation in the US market, price increases are becoming a more regular feature. Of Netflix’s 213.5 million subscribers, about 74 million are in the United States and Canada. Early in the pandemic, subscribers from around the world came in, but we’re investing in video games as we grow beyond movies and television.
In the US, Netflix’s most expensive plan will increase by $ 2 to $ 19.99. The basic plan is $ 1 to $ 9.99. The company’s “standard” plan has increased to $ 15.49. Plans depend on variables such as the number of screens users can watch Netflix at the same time and the number of phones and tablets they can download. The company still mails DVDs for services that require a different plan.
Price increases are valid from Friday. Netflix will notify customers via email and within the Netflix app before new prices are applied.
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If you raise the price, there is a risk that people will cancel. Netflix is still the major streaming service in the United States, but other services such as HBO Max and Disney + are becoming more popular.
After the news of the price increase, Netflix shares were acquired in a slow transaction. The stock price rose $ 6.49 (1.3%) to $ 525.69. The company reports its fourth quarter financial results on Thursday.
Val Lick contributed to this report.
Netflix launches new price increases in 2022
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