Netflix Price Hike: Standard Plan Now $14, Premium Tier Increases to $18

Netflix is raising the price of standard and premium plans in the US

"We understand people have more entertainment choices than ever and we're committed to delivering an even better experience for our members", a Netflix spokeswoman said in a statement. The basic plan, which only includes support for non-HD 480p streaming on a single device, remains priced at $8.99 a month.

The new prices are effective immediately. Despite the price hikes however, the streamer still attracted more users, with millions of subscribers signing up for the platform each quarter.

Netflix on Thursday said it is raising the prices of its US standard and premium subscription plans, as the streamer continues to invest in content to differentiate itself from rivals.

Netflix increased the cost of its standard subscription by $1 a month to $14, and the price for the premium tier rose by $2 per month to $18. The premium plan supports 4K resolutions, HDR, and streaming to up to four screens at the same time. "Current members will be notified through email and will also receive a notification within the app 30 days ahead of their price increase". Subsequently, the company reported losing some subscribers in the US.

Netflix, the world's dominant streaming service, enjoyed a boom in subscriptions at the beginning of the year as viewers around the world were told to stay at home to help fight the coronavirus pandemic.

Netflix is raising their prices, and no one is happy about this move. But on a conference call with investors last week, Chief Operating Officer Greg Peters said the company believed it could raise prices, given the large amount of original and popular shows it produces. "The U.S. and Canada accounts for almost 73.1 million of its 195 million global subscribers".



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