Netflix is increasing its pricing for its streaming service.
Netflix is jacking up the cost of each of its payment plans for the popular streaming service. The monthly subscription price for the Basic plan will now be going up by $1, for a total of $9.99, while the price of the Standard plan will be going up by $1.50, for a total $15.49, and the price of the Premium plan will be increased by $2, bringing it to $19.99.
The company explained its decision in a statement provided to Variety, earlier this week.
“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 the out. “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.”
Netflix last raised its subscription prices in October 2020. In wake of the news, the company’s stock price rose 2%, according to CNN
The streaming service has been putting out a steady flow of content in recent months. Both The Power of the Dog and Don’t Look Up are expected to be big names come award season.