Subscription streaming platform and production company Netflix Inc. (NFLX) has increased its monthly subscription charges for users in the United States and Canada by $1 to $2 depending on the plan a user is subscribed to.
The company says these new adjustments come as a way to help it pay for new programming to compete in the crowded streaming TV market.
According to the increment, the standard plan which allows for simultaneous streams will now cost $15.49 per month up from $13.99 in the United States.
Similarly in Canada also, the standard plan monthly subscription price was hiked from C$14.99 to C$16.49.
“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 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,” said Netflix.
This increment comes as the first one by Netflix since October 2020. The company says this hike will be implemented with immediate effect to new customers however the existing ones will get the increment when they receive their next monthly bills.