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Netflix raises monthly subscription prices in US, Canada

Sumary of Netflix raises monthly subscription prices in US, Canada:

  • LOS ANGELES :Netflix Inc has raised its monthly subscription price by $1 to $2 per month in the United States depending on the plan, the company said on Friday, to help pay for new programming to compete in the crowded streaming TV market.
  • The increases, the first in those markets since October 2020, took effect immediately for new customers.
  • The world’s largest streaming service is facing the most competition ever from companies looking to attract viewers to online entertainment.
  • Netflix had said it would spend $17 billion on programming in 2021. The company has not disclosed spending for 2022. The U.S. price of Netflix’s premium plan, which enables four streams at a time and streaming in ultra HD, was increased by $2 to $19.99 per month.
  • In Canada, the premium plan rose by C$2 to C$20.99, and the basic plan was unchanged at C$9.99. The United States and Canada is Netflix’s largest region with 74 million streaming customers as of September 2021. The region accounted for nearly 44per cent of the company’s revenue in 2021’s third quarter, or about $3.3 billion.

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