Netflix raises prices amid rising competition
Netflix has raised the prices of video streaming services amid the rising competition of other streaming competitors. Netflix remains the world’s largest streaming service, but other companies, such as Walt Disney Co, AT&T Inc’s WarnerMedia, Amazon.com Inc, and Apple Inc have invested billions into their new programming and online streaming content.
The price increase from Netflix will take effect in the U.S. and Canada. New subscribers will see the new prices starting immediately, and existing customers will receive an email notice 30 days before the increase happens.
Netflix has explained that, “We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options.” (First reported by Reuters.)
The new prices are as follows:
- Basic (1 stream, 480p): $8.99 → $9.99
- Standard (2 streams, 1080p): $13.99 → $15.49
- Premium (4 streams, 4K): $17.99 → $19.99
With the pandemic looming for an extension, the demand for TV and movie streaming has seen a historic increase in demand. Netflix continues to show that they have the pricing power to impact the standard of video streaming apps. With content such as the breakout hit “Squid Game” Netflix has proven to be the top choice for streaming customers around the world.
