ICYMI: Netflix is raising prices for the first time since October 2020.
Netflix Inc. plans to raise its rates for streaming subscriptions in the U.S. and Canada for the second time during the COVID-19 pandemic, which led to huge early subscriber growth for the company that slowed down in 2021.
“We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options,” a Netflix spokesperson said in a statement. Netflix previously raised prices in October 2020, pushing the standard plan from $12.99 to $13.99 and the premium plan, which allows for up to four concurrent streams, to $17.99 from $15.99. That increase happened just as subscriber growth began to slow down for Netflix, after the company added more than 25.8 million net new subscribers in the first half of 2020, when the pandemic first struck and led to a wave of shelter-in-place orders.
In the full year after that explosion, from mid-2020 to mid-2021, Netflix attracted fewer than 17 million net new subscribers and fewer than 1 million on a net basis in North America. The company has been leaning on international markets for growth, even slashing prices in India, where competition with Amazon.com Inc. AMZN, +0.57% and Walt Disney Co. DIS, -2.25% is fierce.
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