Your next Netflix bill is about to get a little bigger. The Verge reports that the streaming platform is introducing new price hikes for some of its subscriptions today, increasing both the standard and premium plans. If you’re on the basic plan, you’re in luck — Netflix won’t be touching your monthly cost for now.
After today’s changes, the standard Netflix plan (which offers two screens and HD viewing) will now cost $14 per month, up $1 from the original $13 per month cost. The premium plan (four screens and ultra-HD/4K viewing) is getting double the increase at $2 extra, bringing it up to $18 per month from $16 per month. According to CNBC, after today’s price changes, Netflix shares were up by nearly 4%.
Why is this happening? Well, according to Netflix, they’re upping their monthly cost in part to keep churning out the content we crave. The company is updating prices “so that we can continue to offer more variety of TV shows and films,” a spokesperson told The Verge, adding, “As always we offer a range of plans so that people can pick a price that works best for their budget.”
If you’re new to Netflix, the increased prices will automatically apply to you. But if you’re an existing subscriber, you’ll be seeing the new prices in the coming weeks on your next billing cycle. The last time Netflix increased prices was in January 2019, when all plans went up by 13 to 18 percent.
Since Netflix’s last price increase, a couple of new streaming competitors have popped up, including Disney+, Apple TV+ and HBO Max. Apple TV+ is the cheapest of the options at $4.99 per month, while Disney+ charges $6.99 per month, and HBO Max is $14.99 per month.
Netflix’s new prices come as the streamer is preparing to release some highly-anticipated projects, including Season 4 of the Golden Globe winner The Crown, possible awards season contender Hillbilly Elegy, and David Fincher’s Mank.
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