Netflix is going to raise the prices for each of its plans all across the United States. Accordingly, the basic plan, which was available at $8.99, will now cost subscribers $9.99. Meanwhile, the standard plan is now up at $15.49, which was previously available for $13.99. Moreover, the 4K or the premium subscribers will now have to pay $19.99 per month for their entertainment, which previously cost them $17.99. The Netflix prices will increase in Canada too.

Notably, the increased prices will be in effect immediately; meaning new subscribers will have to pay the revised prices for their plans. On the other hand, for existing subscribers, the streaming giant will roll out the changes “gradually”. Furthermore, Netflix has promised that it will inform 30 days before the new prices are in effect.

Netflix prices increased once again

Undoubtedly, the price hike may come as a shock to subscribers. However, in the past few years, the prices for Netflix subscriptions have been increased regularly. Below, you can see how the prices for subscriptions have increased in the United States of America.

Streaming costs and increased competition

Unfortunately, the increase in price this time comes when the subscribers already feel that they are paying a little extra to Netflix. However, with more streaming networks coming into the picture, including HBO Max and Disney Plus, it has made Netflix spend big on production as well.

“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a Netflix spokesperson said as per a Reuters’ article. “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.”

“Netflix has added customers despite prior price increases, which shows its members have been willing to accept higher costs“, Evercore ISI analyst Mark Mahaney said in the same article. “This is evidence that Netflix has pricing power,” he added.

However, Netflix is not the only streaming service that has increased the prices for its subscribers. Hulu hiked up the price of its ad-supported and ad-free tiers by $1 per month in October 2021.

Do you think Netflix will be able to justify all these price hikes? Or do you think it has enough quality content to make audiences stay with them? Let us know in the comments below.