Netflix Raises Prices In U.S. And Canada; Stock Price Rises
Management at Netflix will address pricing and other strategic elements next Thursday when the company reports its fourth-quarter financial results.
Regarding today’s move, a spokesperson said in a statement to Deadline, “We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members. We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options. As always we offer a range of plans so members can pick a price that works for their budget.
The streaming field has continued to get crowded, with Disney, WarnerMedia, Apple and NBCUniversal all throwing their hats in the ring over the past two-plus years. WarnerMedia’s HBO Max, which ended 2021 with 73.8 million subscribers when combined with linear HBO, costs $15 for its commercial-free version, which used to be the top end of the market.
Price has been a decisions all new entrants have grappled with. Disney, Apple and others have offered a period of free access to certain wireless or hardware consumers and have opted to keep prices on the lower end of the scale even without those incentives. NBCU’s Peacock has a free tier supported by advertising and a Premium version that costs $5 for most subscribers.
Price hikes will be a fact of life in streaming as the marketplace continues to evolve. Though Disney+ began at just $7 a month, its fast start after launching in November 2019 prompted the company to announce a $1-a-month increase in December 2020. Other players have moved the other way in search of scale – HBO Max last June introduced a cheaper, ad-supported tier priced at $10 a month.
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