Netflix Inc has raised its monthly subscription price by $1 to $2 per month in the United States depending on the plan, the company said on Friday, to help pay for new programming to compete in the crowded streaming TV market.
"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," the spokesperson added.
The world's largest streaming service is facing the most competition ever from companies looking to attract viewers to online entertainment. Walt Disney Co, AT&T Inc's WarnerMedia, Amazon.com IncNetflix has added customers despite prior price increases, which shows its members have been willing to accept higher costs, Evercore ISI analyst Mark Mahaney said.Netflix had said it would spend $17 billion on programming in 2021. The company has not disclosed spending for 2022.
The U.S. price of Netflix's premium plan, which enables four streams at a time and streaming in ultra HD, was increased by $2 to $19.99 per month. For Netflix's basic plan, with one stream, the cost rose by $1 to $9.99 per month.At $15.49 per month, the standard U.S. plan from Netflix now costs more than competitors. HBO Max, owned by AT&T Inc is currently offering an $11.99-a-month promotion for 12 months.
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