Netflix is raising its prices to cover the costs they are expecting to incur to produce new shows this year.

Netflix will be raising its monthly price from $14.99 per month to $15.49 for its standard plan and increased by $2 to $19.99 for its premium plan, Reuters reported. Not that subscribers will have to check the news article to find out about it. The price increase is effective immediately, and current subscribers will be shown the price increase on their next billing. This puts their price slightly higher than HBO Max (which offers the fantastic Peacemaker), and over three times the price of Hulu's monthly subscription. This is the first time Netflix is increasing its prices since October 2020.

Netflix explains the decision as a way to continue providing their subscribers “an even better experience” than what they can experience with other providers. Just some of Netflix's most successful self-produced shows from the previous year include The Umbrella Academy, Squid Game, and The Witcher. According to the company, they spent over $17 billion on their programs in 2021 alone. But the streaming platform is confident that the quality of its shows will be enough to retain its base in spite of the higher pricing. Previous price increases have proven the loyalty of Netflix subscribers.

RECOMMENDED (Article Continues Below)
New to Netflix this weekend March 22-24, 2024

Franz Christian Irorita ·

The announcement of the price increase has led to an increase in Netflix's stock price by almost 3%, closing the day at 1.5% than the opening price.