Inflation isn’t just hitting consumer goods, it’s also hitting Netflix.
The Los Gatos, Calif.-based company has raised its monthly subscription prices by $1 to $2 a month in the United States under the plan, to help pay for programming costs, the company said.
Shares of the streaming giant jumped more than 2% after Friday’s announcement.
The monthly cost of the basic plan has gone from $8.99 to $9.99, while the standard plan has gone from $13.99 to $15.49 and the premium plan has gone from $17.99 to $19. $.99, according to the Netflix website.
Netflix recently raised prices for US customers in 2019 and 2020. Wall Street has been betting on Netflix to raise prices as new subscriber growth slows. The price increases also reflect the company’s confidence that customers won’t cancel service because of a slight price increase.
The streaming giant hasn’t raised the prices of its packages since 2020.GC Images
“We understand that people have more entertainment choices than ever before and we are committed to providing an even better experience for our members,” a Netflix spokesperson told Reuters. We are updating our prices so that we can continue to offer a wide variety of quality entertainment options. As always, we offer a range of plans so members can choose a price that suits their budget.
The company said the new rates will apply immediately to new subscribers. Existing customers will receive an email about price increases 30 days before they see them on their invoices.
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