BY J. CLARA CHAN | HollywoodReporter.Com
Troy Warren for CNT #Business
The price hikes are the first since Oct. 2020.
Netflix has increased the price of its monthly subscription plans in the U.S. and Canada, effective immediately for new subscribers beginning on Friday.
In the U.S., subscribers to Netflix’s basic plan, which allows for one stream on one screen at a time and does not have HD streaming, will now be charged $9.99 a month, up from $8.99. Standard plans — which allow for users to stream on two screens at the same time — now cost $15.49 per month, an increase from $13.99, while premium plans have inched up to $19.99 a month.
Existing subscribers will begin to see the price changes “over the coming weeks,” depending on their billing cycle, a Netflix spokesperson told The Hollywood Reporter. Subscribers will receive an email and in-app notification 30 days in advance of when the new subscription prices will take effect in their accounts.
Canadian subscribers will also be facing price increases, though the basic plan will remain the same price at this time. Standard plans in Canada will now cost $16.49 CAD and premium plans will cost $20.99 CAD.
The price increases come as Netflix has recently seen slowing growth in the U.S. and Canada and, at one point, lost around 400,000 subscribers in the region during the second quarter of 2021. The streamer was able to recover from those losses by Q3, adding around 70,000 new paid subscribers in the U.S./Canada, but the Asia-Pacific region emerged as the top contributor to Netflix’s subscriber growth.
Netflix last hiked up its prices in Oct. 2020 by $1 to $2, depending on the subscription tier. The streaming giant is planning to disclose Q4 2021 earnings later this month, on Jan. 20.