Netflix raises monthly subscription prices in Canada

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LOS ANGELES – Netflix Inc has raised the monthly subscription price from $1 to $2 per month in the US depending on the plan, the company said on Friday, to help pay for new shows to compete in the crowded online TV market.
The standard plan, which allows two concurrent threads, currently costs $15.49 per month, up from $13.99, in the US.
Prices have also increased in Canada, where the standard package has increased to C$16.49 from C$14.99.
The first price hike in these markets since October 2020, effective immediately for new customers. Existing members will see the new prices in the coming weeks when they receive their monthly bill. The price increase has not been reported before.
A Netflix spokesperson said: “We understand people have more entertainment options than ever before, and we’re committed to providing a better experience for our members.
“We’re updating our pricing so we can continue to offer a wide selection of quality entertainment. As always, we’re offering a range of packages so members can choose prices that fit their budget. “, the spokesperson added.
The world’s largest streaming service is facing its stiffest competition ever from companies looking to lure viewers to online entertainment. Walt Disney Co, AT&T Inc’s WarnerMedia, Amazon.com Inc and Apple Inc are among the rivals pouring billions of dollars into new programming.
Netflix has said it will spend $17 billion on the show in 2021. The company did not disclose spending for 2022.
The US price of Netflix’s premium plan, which lets you stream four streams at once and stream in ultra HD, has increased by $2 to $19.99 per month. For Netflix’s basic plan, with one stream, the cost increased by $1 to $9.99 per month.
In Canada, the premium plan has increased C$2 to C$20.99, and the basic plan has remained unchanged at C$9.99.
The United States and Canada are Netflix’s largest regions with 74 million customers as of September 2021. Much of the company’s recent growth has come from abroad.
Netflix’s subscriber growth slowed after an early boom during the COVID-19 pandemic but recovered with help from the global phenomenon “Squid Game,” a grotesque Korean thriller. was released in September. Total global subscriptions reached 213.6 million.
The company’s next subscriber report is due on Thursday when Netflix releases quarterly earnings. Analysts expect the company to report 8.5 million new sign-ups between October and December, according to Thomson Reuters I/B/E/S data, lifting the company’s global subscriber base to 222 million.

Reporting by Lisa Richwine; Editing by Cynthia Osterman)

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