NETFLIX fans are going wild after the entertainment giant on Friday announced that it was raising prices in the United States.
The $1 to $2 price hike on all three levels of the service’s monthly subscription makes it the most expensive streaming platform in the country.
Netflix’s top 4K plan has been pushed to the $20-a-month mark, up from $18, while its low-end has raised a dollar to $10.
The app’s most popular and mid-range subscription has gone from $14 a month to $15.50.
That makes it more expensive than similar plans offered by HBO Max, Showtime, Disney Plus, Apple TV Plus, Amazon Prime Video, Hulu, Peacock, Paramount Plus, and other major streaming services.
This is the sixth time the company has increased its monthly fee since 2014. The most recent to affect users in North America, was rolled out in October 2020.
The increase takes effect immediately for new customers.
Existing members will see the new prices in the coming weeks when they receive their monthly bill.
Netflix says the extra cash will help pay for new shows to compete in the crowded streaming TV market.
A Netflix spokesperson said: “We understand people have more entertainment options than ever before, and we’re committed to providing a better experience for our members.
“We’re updating our pricing so we can continue to offer a wide selection of quality entertainment. As always, we’re offering a range of packages so members can choose prices that fit their budget. “, added the spokesman.
The world’s largest streaming service is facing more competition than ever from companies looking to draw viewers into online entertainment.
Disney, Amazon and Apple are among the competitors pouring billions of dollars into new shows.
Netflix has said it will spend $17 billion on content in 2021. The company did not disclose spending for 2022.
Users in other markets, such as the UK, can also expect prices to rise over the next six to 12 months, analysts said.
Kester Mann, of CCS Insight, told The Sun: “We’ve seen Netflix’s price increase in the past in the US quickly be followed in the UK, so the increase is definitely on the cards.”
His comments were echoed by PP Foresight’s Paolo Pescatore, who said: “A Netflix price hike is inevitable and it’s something we’ve gotten used to over the last few years.
“This won’t be the last and there will be more bull runs in other markets of the streaming giant.”
Fans were displeased with the news, complaining about the service’s second price hike during the Covid-19 pandemic.
“Another year, Netflix raises prices again,” one person wrote on Twitter.
Another tweeted: “Netflix raises prices again? Piracy will become the norm again”.
And the third one said, “They’re going to keep pushing it every year until we all say F*** You! What’s the threshold? Once it gets above $25? So about 2-3 years from now? “
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https://www.thesun.co.uk/tech/17346391/netflix-price-hike-app-expensive-streaming-service/ Netflix reveals ANOTHER price hike as the app becomes the most expensive streaming service