Netflix raises subscription prices

Streaming juggernaut Netflix on Friday raised its subscription prices by between $1 and $2.

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On its website, the company listed prices for its basic plan at $9.99, its standard plan at $15.49 and its premium plan at $19.99. Prices were similarly raised for customers in Canada, CNN reported.

In a statement obtained by Reuters, a Netflix spokesperson said the price hike was issued “so that we can continue to offer a wide variety of quality entertainment options.

“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” the spokesperson said. “As always, we offer a range of plans so members can pick a price that works for their budget.”

The price increase will go into effect immediately for new customers. Existing customers will be notified by email 30 days before seeing the new price reflected on their bills, according to Netflix.

Prices for Netflix subscriptions also rose in 2020 and in 2019. As of October, the company said it had 214 million paid subscribers worldwide.