Netflix (NASDAQ: NFLX) has raised the prices of all its monthly subscription plans in the U.S. & Canada, sending its stock up as much as 3% in the last trading session.
More Details🧐 The basic plan rose from $8.99 to $9.99, the standard plan increased from $13.99 to $15.49, & the premium plan jumped from $17.99 to $19.99.
This is not the first time Netflix & has raised prices & will not be its last. The streaming giant said the increase in plans prices will allow them to “continue to offer a wide variety of quality entertainment options”.
Why is this Important🤔 Competition is increasing in the streaming services industry, & the new plan prices have put Netflix on the more expensive side of the spectrum. Although Netflix has a considerably higher number of subscribers compared to the likes of Disney+, HBO, & Prime Video, the company has had to spend heavily in producing content for its service.