Netflix raised monthly prices for its streaming service in the United States, pushing the stock up more than 3% in Friday’s trading.
Netflix stock eventually rose 1.25% to close at $525.69 on Friday.
The monthly cost of the basic plan increased by $1 to $9.99, the standard plan increased from $13.99 to $15.49, and the premium plan increased from $17.99 to $19.99, according to the Netflix website. Canadian prices also increased.
A Netflix spokesperson confirmed the change. “We are updating our prices so that we can continue to offer a wide variety of quality entertainment options,” the spokesperson said in a statement.
Netflix has increased its prices in previous years and this is part of the company’s long-term strategy. Netflix previously raised prices for US customers in 2019 and 2020.
Wall Street is counting on Netflix to raise prices as customer growth declines. Netflix’s price increases also reflect the company’s confidence that its plans are entrenched in the lives of its customers and won’t be canceled or abandoned because of price increases.
Netflix said on Friday that customers will receive an email about the price increases 30 days before seeing the increase.
Netflix faces more competition than ever, especially from new streamers like Disney+, HBO Max, Amazon’s Prime Video, and Apple TV+. Netflix said last fall that it has more than 213 million subscribers worldwide, which is well above the subscription numbers of its newer rivals. As a result, Netflix has invested heavily in content production for its service and said it plans to spend $17 billion on content in 2021.
Netflix will release its quarterly results next week.
CORRECTION: Netflix price change will impact customers in the US and Canada. The affected region was incorrectly indicated in a title on an earlier version of this article.
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