Netflix has announced price hikes for its US subscribers, increasing its standard tier to $14/month and its premium plan to $18/month. There is a $1 price increase in the standard plan from $13 a month, while the new premium tier cost witnesses a $2 increase from $16 a month. Every new user who wants Netflix subscriptions will have to pay the new price. On the other hand, current subscribers will see the latest prices over the course of the next few weeks.
Netflix Increases the Prices of its Standard and Premium Plans
Experts had been expecting another round of price hikes, which last time increased subscription fees in the US in early 2019. Lately, Netflix also increased the price of some subscription plans in Canada. Usually. Netflix launches price shifts on a country-by-country basis and according to Netflix spokesperson, the change “in the US does not influence or indicate a global price change.”
The increase in prices also come at a tricky time when users have more choices for entertainment than ever before particularly in the US. A few years back, Netflix’s greatest competitor in the streaming space was Hulu, and the company competed for people’s attention being split up between playing games, watching YouTube, or a football match.
Now, the United States has HBO Max, Disney Plus, Peacock, TikTok, YouTube, Twitch, and Fortnite. Netflix is pretty much aware of this. According to the company’s spokesperson,
Prices are being updated so that we can continue to offer more variety of TV shows and films. As always we offer a range of plans so that people can pick a price that works best for their budget.