The company said Friday that Netflix has raised the price of its monthly subscription by $1 to $2 (about 75 rupees to 150 rupees) per month in the US depending on the plan, to help pay for new programs to compete in crowded streaming. TV market.
The Standard plan, which allows two simultaneous streams, now costs $15.49 (about 1,100 rupees) per month, up from $13.99 (about 1,000 rupees), in the US.
Prices have also increased in Canada, with the Standard plan rising to C$16.49 (about Rs970) from C$14.99 (about Rs880).
The price 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. Price increases have not been reported before.
“We understand that people have more entertainment options than ever before, and we are committed to providing a better experience for our members,” a Netflix spokesperson said.
“We are updating our pricing so we can continue to offer a variety of high-quality entertainment options. As always, we offer a range of plans so members can choose the right price for their budget,” the spokesperson added.
The world’s largest streaming service faces the biggest competition ever from companies looking to lure viewers into online entertainment. Walt Disney, AT&T’s Warner Media, Amazon, and Apple are among competitors spending billions on new programming.
Netflix said it will spend $17 billion (Rs.126,457.05 crore) on programming in 2021. The company has not disclosed spending for 2022.
The price of the US Netflix Premium plan, which allows four simultaneous streams and broadcasts in Ultra HD, has been increased by $2 to $19.99 (approximately from Rs 140 to Rs 1,400) per month. For the Netflix Basic plan, with a single stream, the cost went up by $1 to $9.99 (about Rs 74 to Rs 740) per month.
In Canada, the Premium plan went up C$2 to C$20.99 (approximately Rs 118 to Rs 1,200), and the Basic plan was unchanged at C$9.99 (about Rs 600).
The US and Canada are Netflix’s largest region with 74 million customers as of September 2021. Most of the company’s recent growth has come from abroad.
Netflix’s subscriber growth slowed from the early boom in the COVID-19 pandemic but rebounded with the help of a global phenomenon squid game, a dystopian thriller from South Korea released in September. Global subscriptions totaled 213.6 million.
The company’s next subscriber report is due Thursday when Netflix releases quarterly earnings. Analysts expect the company to report 8.5 million new subscriptions from October through December, according to Thomson Reuters I/B/E/S data, bringing its global subscriber base to 222 million.
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