People in the US woke up to a surprise for sure. Netflix US has decided to increase the prices of two of its plans. The two plans that have been affected are the Standard and Premium subscription plans. The standard plan subscription has been raised by 1$ making the new price $14. The premium subscription plan however has been raised by 2$ making the new price $18 per month. Both of these plans are more than 1 screen plan. In the US Netflix offers three plans. One of them is the basic plan of $8.99 that allows users to stream on a single screen.
According to Netflix’s Chief Operating Officer Greg Peters, the company saw the opportunity to increase its prices in the countries where they had delivered the “extra value.” after taking a look at Netflix’s earnings report last week. On Thursday, a Netflix spokesperson said that the company was raising prices “so that we can continue to offer more variety of TV shows and films, in addition to our great fall line up.” Interestingly, following the announcement, Netflix shares saw a jump of 4.8%.
Netflix will alter its US customers about the price change beforehand. This price comes at a time when Netflix India is supposedly planning to introduce free weekends trial to potential customers. In India, Netflix has also released Rs. 350 which translates to $4.69 which allows one to stream on one screen at a time but not on a TV. Netflix’s US price increase comes at an interesting time as well. Streaming services like Netflix have enjoyed a huge boom in their customer base in the lockdown or quarantine period.
Even other streaming services have had a huge boom both in the US and India. Hotstar Disney+ was launched in India after the country was put in lockdown and has amassed a huge viewer base in just a few months. Netflix too has seen a big boom in India.
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