Netflix announces that it will raise the monthly price of its subscription service, this being the sixth time the streaming service does since 2014.
Through its official Plans and Pricing page, the changes are seen in both the Standard plan, which increases by $1 and the Premium plan, which includes 4K streaming, having an increase of $2. With this, the plans go up to $15.50 and $18, respectively.
Netflix has followed a pattern in which the price of its subscriptions increases between $1 and $2 approximately every two years. In 2014, when it raised its price to $9, it ran a promotion in which the price stayed at $8 for about two years. For now, the Basic plan, which does not include an HD streaming plan, remains the cheapest option at $10 per month. The last price increase was in October 2020.
The streaming market
A Netflix spokesperson spoke to Reuters about the increase, noting that they are taking into consideration the multiple options currently on the market. "We understand people have more entertainment choices than ever and we're committed to delivering an even better experience for our members," the spokesperson mentioned.
With this increase, the Standard plan becomes the most expensive streaming service in the country, followed by HBO Max at $11.99 per month.
For now, subscribers can expect an email notification of the price increase within the next 30 days.
Source | Reuters