Entertainment

Netflix raises prices in US, Canada with growing competition – NBC10 Philadelphia

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Netflix is ​​raising prices for its video-streaming customers in the US and Canada, less than a year and a half since the last price hike, as competition from other streaming services intensifies.

The Los Gatos, California, company said Friday that prices will increase from $1 to $2, depending on the plan. The “standard” plan that most people take is increasing by $1.50, to $15.50. The Canadian version will increase by the same amount in local currency, to $16.50 Canadian dollars.

Price hikes are increasingly becoming a regular feature at Netflix, which is facing saturation in the US market. Of Netflix’s 213.5 million subscribers, about 74 million are in the US and Canada. It has received a large global subscriber base since the pandemic hit, but is investing in video games because it has a vision beyond film and TV for growth.

In the US, Netflix’s most expensive plan is increasing by $2, to $20; its basic plan is a $1 increase, to $10. Plans vary based on variables like the number of screens a user can watch Netflix on at once and the number of phones or tablets that can be download. The company still mails DVDs in a service that requires a separate package.

The price increase took effect from Friday. Netflix will notify customers via email and within the Netflix app before applying the new rates to them. Customers in New York, Alabama and Louisiana were also affected by a new local sales tax bill, which Netflix said was due to the addition of video games to the service.

The price hike carries the risk that people will cancel. Netflix is ​​still the dominant US streaming service, but others, such as HBO Max and Disney+, have grown in popularity.

Netflix stock rallied in late trading after news of the price increase. Shares closed up $6.49, or 1.3%, to $525.69. The company reports its fourth-quarter financial results on Thursday.

https://www.nbcphiladelphia.com/entertainment/entertainment-news/netflix-upping-us-canada-prices-with-competition-growing/3108116/ Netflix raises prices in US, Canada with growing competition – NBC10 Philadelphia

TaraSubramaniam

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