Netflix announced recently that they will be raising their subscription prices in order to help them cover the costs of production as they compete with other streaming services that are starting to produce exclusive content.
The service currently offers three different tiers of subscriptions that vary with how many devices can watch content at the same time and differing video qualities. Each tier’s prices will be increasing by $1 to $2, immediately for new subscribers and current subscribers will be given a 30-day notice before they are charged.
Their Basic plan, which includes standard-definition and one device to be used at a time, is increasing from $8.99 to $9.99. Their Standard plan allows two devices to be used at once and offers high definition streaming, is increasing from $13.99 to $15.49. Lastly, their Premium plan which allows four devices to be used at once and offers ultra high-definition, will increase from $17.99 to $19.99.
Netflix last raised their prices in October of 2020. This trend of prices increasing for streaming services will most likely continue as the streaming service market becomes more competitive overtime.