U.S. Netflix Subscribers: prepare to pay a bit more for your plan. The streaming platform is raising the prices on some of its subscriptions for the first time in two years, the company announced Thursday.
Netflix Price Increase
- The platform’s most popular plan, the $10.99 a month HD, 2-screen subscription, will be seeing a $1 price hike to $11.99 a month.
- Netflix’s premium plan, which allows 4K streaming and viewing on four screens simultaneously, will increase from $11.99 to $13.99 a month.
- On the other hand, the company’s one-screen, standard definition basic plan, which costs $7.99 a month, won’t be seeing a price increase.
- The new prices will go into effect in the U.S. in November, depending on each individual user’s billing cycle.
Will Netflix ‘Grandfather’ My Current Pricing?
The last two times that Netflix announced a pricing change, the streaming platform allowed existing subscribers to be grandfathered-in at the rate they were paying. That’s not going to be the case this time around. Every Netflix subscriber in the U.S. will be subject to the higher price point.
Netflix will begin emailing subscribers of affected plans on Oct. 19, allowing them 30 days to opt-in for the higher rates, switch to a cheaper plan or cancel their subscription.
“From time to time, Netflix plans and pricing are adjusted as we add more exclusive TV shows and movies, introduce new product features and improve the overall Netflix experience to help members find something great to watch even faster,” the company wrote in a statement.
Indeed, Netflix is seemingly trying to bump up its profit margins even as it spends more money to finance its lineup of prestige and premium content. This year, Netflix is expected to spend $6 billion on first-party programming — and that number will likely rise as its continues to compete against the likes of Hulu, Amazon, YouTube and even Apple.
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