- Streaming service Netflix is raising standard and premium subscription costs for US users.
- According to the company, the price hike is necessary so they can “continue to offer more variety of TV shows and films.”
It’s inevitable: streaming giant Netflix is raising its standard and premium subscription rates for its viewers in the United States. According to reports, the standard plan has increased to $15 per month instead of $14. On the other hand, premium subscription rates will now cost $18 per month as it goes up by $2. The basic subsciption will remain the same.
Netflix confirmed that the new rates will be effective immediatelly for new members while current users will be informed via email about the increase on the upcoming months as it starts to apply to them.
A Netflix representative explained:
“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 more variety of TV shows and films.”
In an earlier CNN interview with Rosenblatt Securities senior analyst Bernie McTernan, we learn that the price increase was only “a matter of when not if.”
“It shows they think people will be willing to pay more for the service as the pandemic disrupts content production thus making their vast library more valuable,” he pointed out.
Meanwhile, Netflix chief operating officer Greg Peters shared:
“The core model we have, and what we think really our responsibility and our job is, is to take the money that our members give us every month and invest that as judiciously and as smartly as we can.
“If we do that well… and make that efficiency and effectiveness better, we will deliver more value to our members, and we will occasionally go back and ask those members to pay a little bit more to keep that virtuous cycle of investment and value creation going.”
Watch this report by Yahoo Finance:
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