Netflix the most popular streaming platform in the world is yet again increasing its subscription price. US and Canada subscribers will have to pay 1$ & 2$ extra for standard and premium plans respectively. New Subscribers will have to pay according to new pricing while already existing subscribers will pay the same with their next billing cycle.
Netflix spokesperson also clarified that a price hike in the USA doesn’t necessarily mean a price hike globally. It will be interesting to see how this hike will affect Netflix’s customer base. Competition in the streaming market couldn’t be as stiff as today. People have many options in form of Hulu, Disney Plus, HBO Max, Peacock, and many more.
With increased price hikes, we can expect more entertaining content by Netflix. The Company has increased its annual content budget every year. Netflix spent 18.5$ billion in 2020 alone on content creation. When a company tries to increase its offering price hikes are inevitable. However, the price of the competition isn’t cheap. HBO Max charges 15$ monthly and doesn’t offer as much content as Netflix.
Netflix is investing heavily in tech and content creation so, users will have to pay more. The revised plans are 9$ for Basic, 14$ for Standard, 18$ for Premium. Netflix is still cheaper than HBO Max.
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