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Netflix Increasing their Subscription Fees!

Netflix offers a variety of plans to meet your needs. The plan you choose will determine the video quality and the number of screens you can watch Netflix on at the same time. With all of their plans, you can watch unlimited TV shows and movies, and play mobile games.

Netflix announced that they are increasing their subscription fees for all their plans for US and Canada subscribers. Their basic plan, which allows you to watch on one screen will increase to $9.99, Standard, which allows you to watch on two screens, will be $15.49, and their Premium, which allows you to watch on 4 screens, will be $19.99. In Canada, the premium plan rose from C$2 to C$20.99, and the basic plan was unchanged at C$9.99.

The United States and Canada are Netflix’s largest region with 74 million streaming customers as of September 2021. The region accounted for nearly 44% of the company’s revenue in 2021’s third quarter, or about $3.3 billion.

These prices apply to new members and will gradually take effect for all current members. Current members will receive an email notification 30 days before their price changes unless they change their plan.

At $15.49 per month, the standard U.S. plan from Netflix now costs more than competitors. HBO Max, owned by AT&T Inc is currently offering an $11.99-a-month promotion for 12 months. The price of Disney+ is $7.99 a month or $79.99 a year.

Shares of Netflix gained nearly 3% to $533.84 on Nasdaq after Reuters broke the news of the price rises. They closed 1.3% higher at $525.69.

The increases, the first in those markets since October 2020, took effect immediately for new customers. Existing members will see the new prices in the coming weeks when they receive their monthly bills.

Netflix has added customers despite prior price increases, which shows its members have been willing to accept higher costs, Evercore ISI analyst Mark Mahaney said.

“This is evidence that Netflix has pricing power,” Mahaney said. “We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” “As always we offer a range of plans so members can pick a price that works for their budget.” “We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options,” a Netflix spokesperson told Reuters.

Netflix had said it would spend $17 billion on programming in 2021. The company has not disclosed spending for 2022.

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