WHAT YOU NEED TO KNOW:
- Netflix raised monthly prices for its streaming service in the U.S and Canada on Friday.
- The monthly cost for the basic plan rose $1 to $9.99, the standard plan jumped from $13.99 to $15.49, and the premium plan rose from $17.99 to $19.99, according to Netflix’s website.
- Wall Street has been counting on Netflix to increase prices as customer growth wanes.
Netflix is about to get even more expensive for its millions of viewers throughout North America.
The streaming giant’s standard plan — which offers HD streaming on up to two different devices simultaneously — will now cost $15.49 in the United States, up from the previous monthly price of $13.99.
Netflix’s U.S. premium plan — which provides up to four Ultra HD streams at the same time — is now $19.99, which represents a $2 increase from the previous cost of $17.99 per month. The streamer’s basic plan in the country is also going up $1, now costing households $9.99 monthly.
In Canada, the standard plan is also going up by $1.50 per month, now costing $16.49 CAD, with the premium version of the service being hiked by $2 to $20.99 CAD. There will be no change in price to the basic plan in Canada.
According to the Netflix website, “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.”
Explaining the update, a Netflix spokesperson told PEOPLE Friday: “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 last price increase from the streaming giant took place in October of 2020, and in the interim, even more, streaming platforms have premiered.
Netflix is home to popular titles including series like Squid Game, The Crown, You, Bridgerton, The Queen’s Gambit and Cobra Kai. The streamer has also developed its stable of hit movies which include Red Notice, Don’t Look Up and Extraction.
It has also been an increasingly strong contender for high-profile awards including the Oscars, with titles like The Lost Daughter and Power of the Dog receiving considerable buzz for this year’s nominations. Nominations will be announced on Feb. 8.