Netflix is raising prices across all of its plans in the US today. The company’s standard plan will rise to $15.50 per month from $14, while the 4K plan will rise to $20 per month from $18. The basic plan, which doesn’t include HD, is also rising to $10 per month from $9. Prices are rising in Canada as well.
The price hikes go into effect immediately for new subscribers. For existing subscribers, the changes will be rolled out “gradually,” with Netflix promising to email members 30 days before the price hike goes into effect.
Prices for a Netflix plan have steadily gone up in recent years. In late 2020, the standard plan went to $14 per month, after previously rising from $11 to $13 in 2019.
The price hikes come during a successful but challenging moment for Netflix. The company already has a wealth of subscribers across the US, and adding more is a challenge — making price hikes an obvious answer for how it can make more money. At the same time, Netflix is now competing with several other serious streaming services for attention, including Disney Plus and HBO Max, and it’s been spending big on content to keep up.
“We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options,” a Netflix spokesperson told Reuters. “As always we offer a range of plans so members can pick a price that works for their budget.”