Netflix is again hiking its prices for new and existing subscribers in the U.S. and Canada.
In the U.S, the streaming service is raising the cost of its Basic plan from $8.99 per month to $9.99; its Standard plan, which increases the number of simultaneous streams, from $13.99 per month to $15.49; and its Premium plan, which increases the number of mobile devices that can access downloaded content, from $17.99 per month to $19.99.
“We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options,” a Netflix spokesperson told CNBC.
Netflix said the new prices apply to new members and will gradually take effect for all current members. On the company’s website, it says that current members will receive an email notification 30 days before their price changes, unless they change their plan.
Prices are also increasing in Canada, where the Basic plan will now cost 9.99 CAD, the Standard plan will now cost 16.49 CAD, and the Premium plan will now cost 20.99 CAD.
Netflix last raised prices for its U.S. subscribers in October 2020, when it hikes rates between $1 and $2 per month but kept the Basic plan the same.
Netflix added approximately 4.4 million new paid streaming memberships during the third quarter, with most of the growth coming from Asia, Europe and Middle East markets. Subscriber growth in the U.S., Canada and Latin America was much slower, which Netflix attributed to higher penetration of broadband homes, though it believes it still has “ample runway for growth” in those markets.
Netflix ended the quarter with approximately 213.5 million paid subscribers and forecast another 8.5 million additions for the fourth quarter. The company is scheduled to announce its fourth-quarter earnings on Jan. 20.