Netflix to Increase Prices for All Packages

Despite increased competition from Amazon Prime, Disney Plus, and HBO Max, Netflix remains one of the most popular video streaming services in the world. Netflix’s subscriber growth increased because to the increase in multimedia consumption during the COVID-19 epidemic, but rebounded with the help of the global sensation ‘Squid Game.’ The video streaming service is raising its prices.

New Netflix USA users will have to pay $9.99 for the basic plan starting January 15th, up from $8.99 before. Users will also have to pay $15.49 for HD, up from $13.99, and $19.99 for the top-tier 4K plan, up from $17.99.

Existing Netflix members will see a price increase in the coming weeks as well. Netflix rates are changing at the same time around the world, with the ordinary plan now costing CAD 16.49 (up from CAD 14.99) in Canada.

A Netflix spokesperson stated,

“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members. 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.”

According to Evercore ISI analyst Mark Mahaney, despite rising costs, Netflix has increased the number of its customers over time, indicating that members are prepared to tolerate higher prices. “This is evidence that Netflix has pricing power,” Mahaney continued.

Netflix has consistently raised its prices over time. The basic package was $7.99 in 2014 and increased to $8.99 in 2019. While the regular HD package cost $7.99 when it first introduced in 2011, it increased to $8.99 in 2019, $9.99 in 2015, and $13.99 in 2020. In 2013, the 4K plan cost $11.99, and by 2020, it will cost $17.99.

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