As the streaming wars rage on, one of the largest competitors has taken a bold step forward. According to a new report from Deadline, Netflix is raising its subscription prices in North America. The new Netflix subscription prices specifically affect subscribers in the United States and Canada. Netflix has not changed subscription prices in North America since October of 2020.
In the United States, the cost of the most popular plan, the mid-tier standard, is going up from $13.99 per month to $15.49 per month. However, it is not the only one changing in the U.S. The basic plan price has gone up by a dollar to $9.99 per month, and the price of the top-tier premium plan has been raised from $17.99 to $19.99 per month. In Canada, the cost of the mid-tier basic plan was raised from 14.99 CAD to 16.49 CAD. These price hikes will affect all new subscribers to the service and take effect for current subscribers in the coming weeks.
In response to this rise in Netflix subscription prices, the prices of Netflix shares quickly jumped to $538 per share. However, the Netflix share price eventually settled at $525.69. Like many other stocks on the NASDAQ exchange, Netflix shares have been in a slump so far in 2022.
While subscribers may not be happy with Netflix raising prices, the streamer is still a dominant force in the industry. Netflix currently has 214 million global subscribers, so potentially losing a few thousand in North America will not impact their business much. As long as a majority of members maintain their Netflix subscriptions at the new prices, Netflix will continue to make money and keep their library full of established and fresh content.
For more updates on Netflix, Netflix’s prices, and upcoming Netflix original movies and TV shows, be sure to check back in with us at The Nerd Stash!