During the worst pandemic of our lifetime and an economy that is struggling to get back together, Netflix has decided to raise their prices for standard and premium subscribers.
The standard plan, Netflix’s most popular one, now costs $1 more, or $14 a month. A premium package — which unlocks perks like 4K resolution, HDR image quality and the ability to stream on four devices at the same time — costs $2 more at $18 a month.
Netflix didn’t change its basic subscription, which streams at DVD-quality 480p and limits simultaneous streams to a single device. It remains $9 a month.
Current subscribers won’t see their bills go up immediately, but the respite won’t last long. People who already subscribe to Netflix with a standard or premium package will get email and app notifications 30 days ahead of their price increase, based on their billing cycle. Anyone who didn’t previously subscribe to Netflix and signs up now must pay the higher rates immediately.
The price bump, likely unwelcome by subscribers, was expected to come sometime soon. Netflix had already pushed prices higher in Canada earlier this month, a harbinger of US price increases. Netflix also tends to bump its prices higher roughly every two years. The last time Netflix raised prices in the US was at the start of 2019, when the monthly cost of both the standard and premium subscriptions rose by $2 and the basic plan went up $1.
This comes as the streaming competition between Netflix and a slew of new competitors heats up. However, Despite HBO Max, Disney+, and Peacock taking back a lot of their shows from Netflix, the OG streaming giant still dwarfs the competitors with their expansive back catalog and new shows and movies that seem to pop up daily.
COVID-19 ignited Netflix subscriber growth earlier this year, as the virus started locking down large portions of the world and trapping people in their homes with fewer options to entertain themselves. That growth slowed significantly in the last few months, as Netflix predicted, under the assumption that people who were going to subscribe sometime later this year simply signed up earlier during lockdowns.
Will you stick with Netflix? Let us know in the comments.