Netflix raises prices on all plans in US
In the United States, Netflix has raised the cost of all of its plans as of right now. A $15.50 monthly increase in the basic plan and a $20 monthly increase in the 4K plan are being announced by the corporation. The entry-level package, which excludes HD, will now cost $10 per month instead of $9.
New customers will be hit with the increases right away. Current Netflix customers may expect the price increase to be implemented “gradually,” with a 30-day notice via email.
The cost of a Netflix subscription has risen substantially in recent years. The regular plan climbed to $14 per month from $13 in late 2020, after earlier rising to $13 from from $11 in 2019. Netflix hiked its fees in 2017 and 2015 before that. Due to the company’s concern over losing customers due to a $1 per month price rise, Netflix allowed existing members to maintain their subscription rates for an additional two years after the first announcement in 2014. Since then, it hasn’t provided such a large benefit.
The price rises come amid a profitable yet tough era for Netflix. The corporation already has a multitude of members across the US, and getting more is a struggle — making price rises an apparent option for how it might generate more money. At the same time, Netflix is now competing with many other significant streaming services for attention, like Disney Plus and HBO Max, and it’s been spending big on content to stay up.
“We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options,” a Netflix representative told Reuters. “As always we offer a range of plans so members can pick a price that works for their budget.”
It’s not only Netflix that’s recently raised fees. In October, Hulu raised the monthly fee for both its ad-supported and ad-free plans by $1.