Netflix is increasing its prices this year – here’s how you could save your money

NETFLIX announced it has increased its subscription prices in the United States — here’s what you need to know to save some money. The streaming giant revealed on Friday that it has raised plan prices in the US by $1 to $2 per month, depending on your package. Netflix offers a number of plans depending […]

NETFLIX announced it has increased its subscription prices in the United States — here’s what you need to know to save some money.

The streaming giant revealed on Friday that it has raised plan prices in the US by $1 to $2 per month, depending on your package.

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Netflix is raising its plans’ prices in 2022.[/caption]

Netflix offers a number of plans depending on both your budget and streaming preferences, though all of the plans allow you to watch unlimited television and movies.

The basic plan, which allows for just one stream at a time in standard definition, is increasing by $1 per month, for a total of $9.99.

The standard plan that allows up to two streams at the same time in HD is rising from $13.99 to $15.49 per month.

And the price of Netflix’s premium plan, which lets users go for four streams at a time in ultra HD, has increased from $17.99 to $19.99 per month.

The price adjustments will be in effect immediately for new subscribers, however, they will be rolled out gradually for existing subscribers.

Netflix has also assured its existing users that it would email them 30 days before the price hike goes into effect to give them a heads up.

Netflix expressed that the driving factor behind the increase in subscriptions prices is to create new programming that would allow them to compete with an array of successful streaming sites, such as Hulu, Peacock, Disney Plus, and HBO Max.

“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a Netflix spokesperson told Reuters.

“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,” the spokesperson added.

The last time Netflix increased its prices in the United States was in October 2020.

When asked about Netflix’s recent move, Andrew Hare, a senior vice president of research at media consulting firm Magid, told CNN Business: “They clearly believe they still have the pricing power to do so and that they provide an exceptional value for the money.”

The news of the price increase came just before the streaming company announced its fourth-quarter earnings on Thursday.

AFP

Netflix plans are increasing by $1 – $2 in the US[/caption]

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And a federal anti-trust case against Meta, the company formerly known as Facebook, has been given the go-ahead.