It’s been revealed that streaming platform Netflix is once again preparing to raise its prices. The price increase will go into effect for subscribers in the United States and Canada. Specifically, the USD price for the Standard plan will increase by $1 for a total of 15.50 and the Premium plan will increase by $2 for a $19.99 total. As for Canada, the Standard price will increase to $16.49 CAD and the Premium will be $20.00 CAD. The Basic plan will remain the same at $9.99 CAD. These are not the first price increases for Netflix, as they’ve moved their costs up six times since 2014.
This information comes from Variety, where the price increases were announced by Netflix themselves. It appears they want to issue these price increases to continue offering “a wide variety of quality entertainment options.”
As stated by one of their representatives:
“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” they stated. “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.”
It’s been stated that these price increases will go into effect immediately for new subscribers. Meanwhile, existing Netflix subscribers will have an email notification 30 days before the prices for plans increase.
While the price increases might be surprising, especially because they make Netflix the most expensive streaming service, they’re not exactly unexpected. Streaming services have become a major part of the entertainment industry, where they’re no longer just a place for licensing existing content. Now streaming services have become notable for creating many of their own productions, which takes a lot of money. For Netflix to continue making blockbuster shows like Stranger Things, it makes sense that they’d want to increase prices.
But with so many competitors now in the fold, it’ll be interesting to see how this decision impacts Netflix. After all, streaming platforms like HBO Max have already climbed to the top right alongside Netflix. So it’ll be worth keeping an eye out to see what happens in the coming years.