Netflix has increased its prices for all its packages in USA and Canada
Alright, Netflix fans! You are going to face an increase in your monthly subscriptions rates.
One of the biggest hit sites of entertainment worldwide, Netflix is increasing its monthly subscription prices.
Although the site has faced a decrease in its subscribers during the pandemic bit, but it has been hiked up due to its blockbuster "SQUID GAME".
The number of subscribers increased with the airing of SQUID GAME.
And it remains one of the dominant websites around the world as there are many competitors such as Amazon Prime, Disney Plus, and HBO Max.
However, on January 15th, it was reported that the new Netflix subscribers in the USA and CANADA would have to pay $9.99 for the basic plan. Therefore, it has increased from $8.99.
Moreover, they will also have to pay $15.49 for HD, and the top-tier 4K plan will now cost $19.99, from $17.99
In addition, the existing subscribers will also pay more for the current features in the upcoming week.
Moreover, the prices will also hike around the globe as these prices are also increased in Canada from CAD 16.49 to CAD 14.99.
In addition to this, a spokesperson of Netflix stated that:
"We understand people have more entertainment choices than ever and we're committed to delivering an even better experience for our members.
We're 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 pick a price that works for their budget."
Moreover, Evercore ISI analyst Mark Mahaney stated that Netflix had increased its prices, but still, its subscribers are also increased. This means they enjoy their high prices.
He also added that:"This is evidence that Netflix has pricing power." As it is vivid from the past statistics, they have increased its prices but still enjoyed by millions of people.
In 2014, the basic plan only cost $7.99 and reached $8.99 in 2019. While, the standard HD plan launched in 2011 cost $7.99, then $8.99 in 2019, $9.99 in 2015, and $13.99 in 2020.
The 4K plan was $11.99 in 2013 and eventually cost $17.99 in 2020.