Tech

Netflix increases monthly subscription prices in US, Canada

Netflix has increased its monthly subscription price by $1 to $2 (about Rs. 75 to Rs. 150) per month in the United States, depending on the plan, the company said Friday, to help pay for new programming to compete. in the crowded streaming TV market.

The Standard plan, which allows for 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 to CAD 16.49 (about Rs. 970) from CAD 14.99 (about Rs. 880).

The price increases, the first in those markets since October 2020, were effective immediately for new customers. Existing members will see the new prices in the coming weeks when they receive their monthly bills. The price increases have not been previously reported.

“We understand that people have more entertainment choices than ever before and we are committed to providing an even better experience for our members,” said a Netflix spokesperson.

“We are updating our pricing so we can continue to offer a wide range of high-quality entertainment options. As always, we offer a range of subscription plans so members can choose a price that suits their budget,” the spokesperson added.

The world’s largest streaming service faces the most competition ever from companies seeking to lure viewers into online entertainment. Walt Disney, AT&T’s WarnerMedia, Amazon and Apple are among the rivals pumping billions into new programming.

Netflix had said it would spend $17 billion (1,26457.05 crore) on programming by 2021. The company has not disclosed spending for 2022.

The price in the US of Netflix’s premium plan, which allows four streams simultaneously and streams in Ultra HD, was increased by $2 to $19.99 (approximately Rs. 140 to Rs. 1400) per month. For Netflix’s basic plan, with one stream, the cost increased by $1 to $9.99 (about Rs. 74 to Rs. 740) per month.

In Canada, the premium plan increased by 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 customers as of September 2021. Most of the company’s recent growth has come from abroad.

Netflix’s subscriber growth slowed on a boom at the start of the COVID-19 pandemic, but rebounded with help from a global phenomenon Squid Game, a dystopian thriller from South Korea released in September. The total number of worldwide subscriptions reached 213.6 million.

The company’s next subscriber report is expected Thursday, when Netflix releases quarterly results. Analysts predict the company will report 8.5 million new signups from October to December, according to Thomson Reuters I/B/E/S data, bringing its global subscriber base to 222 million.


Check out the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2022 hub.

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