Robert Besser
17 Jan 2022, 10:59 GMT+10
LOS ANGELES, California: Netflix has raised its monthly subscription price from $13.99 to $15.49 per month in the United States.
Company officials said the increase was necessary to pay for new programming due to increased competition in the streaming entertainment industry.
In Canada the standard plan rose to C$16.49 from C$14.99.
Meanwhile, shares of Netflix increased nearly 3 percent to $533.84 on Nasdaq and closed at $525.69 following news of the price rises.
This is the first Netflix price increase since October 2020, and takes effect immediately for new customers.
Existing members might see the new prices reflected in their next monthly bills.
"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," a Netflix spokesperson said.
Netflix faces increased competition, including from Walt Disney Co, AT&T Inc's WarnerMedia, Amazon.com and Apple, who are pouring billions into new programming.
Netflix earlier said it would allocate $17 billion for programming in 2021.
Other new pricing went into effect for Netflix premium plan, which increased by $2 to $19.99 per month. within the U.S.
Netflix reported having 74 million subscribers in the United States and Canada, as of September 2021.
Get a daily dose of Colorado Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Colorado Star.
More InformationBRUSSELS, Belgium: EU tech chief Margrethe Vestager has said that a draft code of conduct on artificial intelligence (AI) could ...
MOSCOW, Russia: After a turbulent 15 months of store closures and declining demand, Russian designers and brands are assisting the ...
BEIJING, China: On his return to China after a three year absence, which is his company's largest production hub, Tesla ...
SANTA CLARA, California: As investors piled more capital into Nvidia, the chipmaker that has become one of the biggest winners ...
WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led ...
Guwahati (Assam) [India], June 4 (ANI): The Tea Association of India representing tea producers in Assam and West Bengal called ...
WASHINGTON D.C.: Reuters has reported that on 7th June, former Vice President Mike Pence will enter the race for the ...
MENLO PARK, California: Facebook parent company Meta Platforms has said it would remove news content in California if the state ...
DHAKA, Bangladesh - Sheikh Hasina has vowed to build a self-sufficient Bangladesh and has urged citizens not to be concerned ...
BEIJING, China: Amid its rivalry with the US for reaching new milestones in space, reflecting their competition for global influence, ...
WASHINGTON D.C.: The Federal Communications Commission (FCC) has said that more than 8.3 million US homes and businesses do not ...
WASHINGTON D.C.: A Transportation Security Administration (TSA) report released this week revealed that over the Memorial Day weekend, the start ...