Netflix Raises Its Subscription Prices
If you’re a Netflix subscriber or thinking seriously about becoming one, get ready to pay a bit more to access the service’s content.
Netflix has increased the price on two of its three subscription tiers. The midrange “Standard” plan that allows users to watch content on two screens at once has been bumped from $9.99 per month to $10.99 per month. The top-tier “Premium” plan, which allows for four simultaneous streams and access to higher-resolution content, has been upped from $11.99 a month to $13.99 per month. The basic plan that offers single-screen streaming remains at $7.99 per month.
The pricing changes apply only to U.S. subscribers.
Mashable, which earlier reported on the price increase, said customers will start to see the bill increase in November, though Netflix plans to inform customers by October 19 of the change. Those who try to sign up today for Netflix will see the new, higher prices and not the old pricing.
Netflix (NFLX) has been investing heavily in original and exclusive access to content, pushing its costs ever higher. Earlier this year, in fact, Netflix said that it plans to spend between $6 billion and $7 billion on content next year, alone. The company, which competes against Amazon (AMZN), Apple (AAPL), and others, has long believed that exclusive and original content is central to its growth.
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The effort appears to be working. Netflix’s subscriber base has steadily grown over the years and in June, after surpassing the 50 million subscriber mark in the U.S., had more customers than all of the country’s largest cable companies.
Netflix’s success has come in part from so-called “cord-cutters” that have ditched traditional cable and satellite subscriptions for streaming offerings. Netflix has also benefited from a low cost and widespread support across televisions, set-top boxes, video game consoles, and other hardware, making it cheap and easy for users to access its content.
While Netflix’s pricing will now be higher, the company’s streaming service is still cheaper than many of its competitors, including HBO Now, which offers access solely to that network’s content for $15 a month. Hulu pricing on content without commercials costs $11.99 per month.
Subscribers will see the price changes on their bills depending on when their next cycle comes due. Netflix’s subscriptions are month-to-month, so customers who aren’t pleased with the price increase can back out of the service at any time.
“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,” a Netflix spokesperson told Fortune in a statement.
Update at 10:57 a.m. on 10/05/17 to include Netflix’s statement and additional details.