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Netflix increases subscription prices in the United States and Canada

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Netflix increases subscription prices in the United States and Canada

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The last time the company raised its monthly prices was in October 2020.


Photo:

Gabby Jones/Bloomberg News

netflix Inc.

increased the price of its monthly plans, the streaming platform’s first such increase since 2020.

The monthly cost of its basic plan for US customers has increased by $1 to $9.99, while its standard plan has increased from $13.99 to $15.49 and the premium plan to $19.99 from $17.99.

Prices for Canadian customers have also increased, except for the basic package.

“We are updating our prices so that we can continue to offer a wide variety of quality entertainment options,” a Netflix spokesperson said in a statement.

The last time the company raised monthly prices was in October 2020. The increase follows Netflix missing its third-quarter subscriber projections that year as more competitors entered the the streaming market and that the financial impact of the Covid-19 pandemic has hit society.

The latest increase in its monthly plans comes amid increased competition between streaming platforms and rising programming costs. Netflix is ​​spending more on content to attract and retain subscribers as viewers have more content than ever to choose from thanks to Walt Disney Co.

from Disney+, AT&T Inc.

HBOMax and Amazon.com Inc.

First video.

More Netflix viewers watched dubbed versions of South Korean drama “Squid Game” than subtitled versions. The WSJ caught up with one of the show’s English-speaking dubbers to see how dubbing foreign content is fueling the streaming giant’s growth. Photo illustration: Sharon Shi

Netflix’s decision to raise prices in the United States and Canada contrasts with what it did in India. In this key market for global growth, Netflix lowered its price last month to help it better compete with streaming services from Amazon and Disney.

For consumers, the higher cost of a Netflix subscription is the latest example of price increases. Data on Wednesday showed inflation as measured by the U.S. consumer price index rose 7% in December, its fastest pace since 1982.

Netflix is ​​expected to release its fourth quarter results on Thursday. In October, the company said its fourth-quarter deals would result in higher content spend and a lower margin. Analysts polled by FactSet expect it to earn 83 cents a share on $7.71 billion in revenue.

Shares of Netflix rose nearly 1.3% to $525.69 on Friday. The stock is up about 5% in the past 12 months, according to FactSet.

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Netflix increases subscription prices in the United States and Canada

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