Netflix Hikes Subscription Prices in U.S. and Canada
Netflix is increasing the cost of its subscriptions in the U.S. and Canada.
The Hollywood Reporter broke the news, which marks the first increase since October 2020.
The increases are as follows:
- The standard definition plan will increase from $8.99 to $9.99
- Two screen plans increase from $13.99 to $15.49
- The 4K premium plan, meanwhile, will increase to $19.99
Subscribers will be notified of the rising costs in an email or in-app notification 30 days in advance of when the price will be increased.
Canadian subscribers will face increases, too, with the standard plan rising to $16.49 CAD and the premium plan going to $20.99.
The basic plan will remain the same in Canada.
News of the increase comes after it emerged that the streaming service lost 400,000 subscribers in the region during the second quarter of 2021.
It did bounce back somewhat by adding 70,000 subscriptions, and we'll have figures for quarter four of 2021 later this month.
"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 to Reuters.
"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," the spokesperson added.
The streamer has had a string of heavy-hitting TV shows and movies over the last few months, including Squid Game, Red Notice, The Witcher, and Don't Look Up.
On tap for the coming months are Vikings Valhalla, Raising Dion, Inventing Anna, and so much more.
The network recently picked up Emily in Paris for Seasons 3 and 4 but canceled Gentefied after just two seasons.
It's unclear at this stage whether other streamers will follow suit and increase.
Time will tell.
What are your thoughts on the news?
Has it made you reconsider keeping a subscription?
Hit the comments below.