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Netflix is raising its prices in the U.S., The Verge reported on Thursday.
What’s going on?
- Netflix will increase the price of its standard plan and premium tier, according to The Verge.
- The standard plan will go up by $1, from $13 to $14 per month. The premium plan will increase by $2, from $16 to $18 per month.
- Netflix’s basic plan will not see a change, and will remain $9 per month, according to CNN.
When will the changes take place?
- The price changes will roll out over the next two months, based on the billing cycle of each member, according to USA Today.
- Subscribers will receive notifications by email as well as in the Netflix app before the changes take place, Netflix told USA Today in a statement.
What they’re saying
- “We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a spokesperson for Netflix, Katy Dormer, told Forbes. “We’re updating our prices so that we can continue to offer more variety of TV shows and films.”
Some context
- Netflix last raised its prices in January 2019, according to The Verge.
- Shares of Netflix increased by over 4% after the announcement was made, according to CNBC.
- Disney’s shares also rose after the news, and Netflix’s price increases might influence Disney Plus to do the same, CNN reported.