Netflix raises prices for all subscription plans

Binge-watching the third season of Too Hot Too Handle just got more expensive, as the streaming platform hiked up the fees for its subscription fees. This move is exclusive to the US and Canada. According to Variety, "the streamer looks to generate more revenue from a slower-growing base of customers."

Considerably, Netflix is expecting multiple nods in the 2022 film awards season, with exciting titles like Squid Game, The Power of the Dog, Arcane, The Hand of God and other notable titles earning massive profits. So it may be fair that the streaming company gets an extra slice of the cake.

Announced today, the price increases will see Netflix's standard plan increase by $1.50 in the United States to $15.49 per month. In addition, the premium plan - with four streams and the offer of 4K Ultra HD content is getting hiked up by $2 to $19.99 per month. While the basic plan is going up to $9.99 per month. In Canada, prices were increased proportionately to their neighbors below the border: the standard package increased by $1.50 CAD to $16.49 CAD per month, and the premium plan rose by $2 CAD to $20.99 CAD per month. The basic plan, however, went unchanged.

A Netflix rep said the following in a statement to Reuters:

"We understand people have more entertainment choices than ever, and we're committed to delivering an even better experience for our members. 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."

This is the third time Netflix will raise its prices in three years and the first since October 2020 for streamers residing in the U.S. and Canada.

"Current members will receive an email notification 30 days before their price changes unless they change their plan," a notification message on Netflix's customer support site says.

The change applies to all new members and will gradually affect all current subscribers.