Economy

Netflix raises prices for first time in two years

Netflix raises prices for first time in two years”

For the first time after 2015, Netflix has increased the cost for subscription plans.

Netflix is available to almost 104 million subscribers in 190 countries.

The price increases will affect subscribers to the service's standard and premium plans. Netflix has raised the rates on two of their subscription plans, with the new rates going into effect for November.

In 2011, Netflix raised prices for some customers by as much as $6, causing more than 800,000 USA subscribers to desert the service. The premium plan, which is now priced at $12 for 4K and streaming on four screens simultaneously, will cost $14 (a $2 increase).

Speaking to Gizmodo, a Netflix spokesperson cited more original and interactive content as reasons for the shift.

Last quarter, Netflix posted a total 5.2 million new memberships - 2 million more than analysts had predicted - to hit a global figure of 104 million.

The Los Gatos, Calif. -based company increased the price on its midrange plan, which allows high-definition video streaming on two devices at a time, to $10.99 a month from $9.99. Existing members will be notified of the price increase on October 19 via e-mail and in-service notifications, a Netflix representative told MONEY.

To keep pace with the rapidly growing streaming services field, Netflix has been installing new features like downloads and interactive content - hence the price hike. This price hike also means Hulu's new commercial-free plan is just $1 more a month and will have most of the Fox shows that are being pulled this month.

In 2016, the company did indeed lose a few subscribers after a price hike-but considering that it's crossed 50 million subscribers in the US and 100 million worldwide, the last price hike doesn't appear to have slowed Netflix down for long.



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