Netflix Inc said last week it had increased its monthly subscription prices in the United States and Canada to help pay for new programming amid fierce competition in the streaming TV market.
The streaming company had previously announced plans to spend $17 billion on programming in 2021.
In the United States, Netflix’s standard plan, which allows for two simultaneous streams, is now priced at $15.49 per month compared to $13.99 previously.
There has been a raise in Canada as well, with the standard plan now priced at CAD 16.49, up from CAD 14.99.
In the United States, the price of Netflix’s premium plan, which allows for four streams at a time and streaming in Ultra HD quality, has been raised by $2 to $19.99 per month. Meanwhile, the price of Netflix’s basic plan, which allows for one stream, has been raised by $1 to $9.99 per month.
In Canada, the premium plan is now priced at CAD 20.99, while the cost of the basic plan remained unchanged at CAD 9.99.
“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a spokesperson for the company was quoted as saying by Reuters.
“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 person said.
As of September 2021, Netflix had 74 million streaming customers in the United States and Canada, the company’s most important region, which accounted for almost 44% of its revenue in Q3.