Netflix Raises Its Prices for U.S. and Canada

Netflix raised monthly prices for its streaming service in the U.S., sending the stock up as much as over 3% during trading on Friday.

Netflix stock ultimately rose 1.25% to close at $525.69 on Friday.

The monthly cost for the basic plan rose $1 to $9.99, the standard plan jumped from $13.99 to $15.49, and the premium plan rose from $17.99 to $19.99, according to Netflix’s website. Canadian prices increased as well.

A Netflix spokesperson confirmed the change. “We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options,” the spokesperson said in a statement.

Netflix has been raising prices in previous years and it is part of the company’s long-term strategy. Netflix previously raised prices for U.S. customers in 2019 and 2020.

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SOURCE: CNBC, Kif Leswing

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