Netflix has increased its monthly subscription price in the United States from $1 to $2 (roughly Rs. To help pay for programming. TV market.
The Standard plan, which allows two simultaneous streams, now costs $15.49 (about Rs 1,100) per month, up from $13.99 (about Rs 1,000) in the United States.
Prices also rose in Canada, where the standard plan climbed up from CAD 14.99 (approximately Rs 880) to CAD 16.49 (approximately Rs 970).
The price hike, for the first time in those markets since October 2020, took effect immediately for new customers. Existing members will see the new prices when they receive their monthly bills in the coming weeks. Price hike has not been reported earlier.
“We understand that people have more entertainment options than ever before and we are committed to providing an even better experience for our members,” a Netflix Spokesperson said.
The spokesperson said, “We are updating our prices so that we can continue to offer a variety of quality entertainment options. As always, we offer a variety of plans so that members can choose a price that works for their budget. can.”
The world’s biggest streaming service is facing the toughest competition ever from companies that are vying for online entertainment. Walt DisneyAT&T’s WarnerMedia, heroine And Apple Among rivals are pouring billions of bucks into new programming.
Netflix had said that it would spend $17 billion (126457.05 crore) on programming in 2021. The company has not disclosed the expenses for 2022.
The US price of Netflix’s premium plan, which enables up to four streams at once and streaming in Ultra HD, was increased from $2 to $19.99 (roughly Rs. 140 to Rs. 1400) per month. For Netflix’s Basic plan, with a single stream, the cost increased from $1 to $9.99 (roughly Rs.74 to Rs.740) per month.
In Canada, the premium plan increased from CAD 2 to CAD 20.99 (approximately Rs 118 to Rs 1,200), and the basic plan remained unchanged at CAD 9.99 (approximately Rs 600).
The United States and Canada are Netflix’s largest regions, with 74 million subscribers as of September 2021. Most of the company’s recent growth has come from overseas.
Netflix’s subscriber growth slowed by boom at the start of the COVID-19 pandemic, but resumed with the help of a global phenomenon squid game, a dystopian thriller from South Korea released in September. The total global membership reached 213.6 million.
The company’s next customer report is due on Thursday when Netflix posts quarterly earnings. According to Thomson Reuters I/B/E/S data, analysts estimate the company will report 8.5 million new sign-ups from October to December, bringing its global customer base to 222 million.
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