Netflix is facing a decent amount of competition these days, which means they need to find new ways to make more money. You would think all their blockbuster films would be enough, but no. Now, according to CNN, Netflix will be raising its subscription prices. The streaming giant is increasing the prices on its standard and premium plans for US customers. The standard plan is currently $14 a month, which is a dollar more than last year. The premium subscription is now $18 a month, up $2. The basic plan, however, remains at $9.
"We understand people have more entertainment choices than ever and we're committed to delivering an even better experience for our members," a Netflix spokesperson wrote in a statement. "We're updating our prices so that we can continue to offer more variety of TV shows and films."
"The price increase was a matter of when not if," McTernan stated to CNN Business. "It shows they think people will be willing to pay more for the service as the pandemic disrupts content production thus making their vast library more valuable." With Disney+, Amazon Video, Apple TV, Hulu, and HBO Max quickly tearing into Netflix's once sacred stream base, it makes sense why the giant would increase prices. However, let's see if it hurts their subscription numbers.
