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Netflix raised monthly pricesthem of their streaming service plans on U.S, sending shares up more than 3% on the Stock Market on Friday.
Shares of Netflix ultimately rose 1.25% to close the last share price traded at $525.69 on Friday.
The monthly cost of the basic plan increased from $1 to $9.99, the standard plan increased from $13.99 to $15.49, and the premium plan increased from $17.99 to $19.99, according to Netflix website. Canadian prices also increased.
A Netflix spokesperson confirmed the change. “We are updating our prices in order to continue offering a wide variety of quality entertainment options,” the spokesperson said in a statement.
Netflix has been raising prices in previous years and it’s part of the company’s long-term strategy. Netflix previously raised prices for US customers in 2019 and 2020.
Netflix’s price increases also reflect the company’s confidence that your plans are ingrained in the lives of your clients and that they will not be canceled or abandoned due to price increases.
Netflix said in the statement that customers will receive an email about price increases 30 days before they see the increase. The new prices have already entered into force since Friday for new customers.
Netflix faces more competition than ever, especially from new streamers like Disney+, HBO Max, Amazon Prime Video and Apple TV+.
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