"We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience for the benefit of our members", a company's representative said in a statement Tuesday.
The Netflix increase, effective for new USA customers on Tuesday, will roll out to current customers over the next few months.
After today, Netflix's three subscription tiers combined cost $37.97 per month; back in 2014, before it began hiking prices, the equivalent figure was a full $9 cheaper.
For the fourth time in Netflix history, the company will be raising its price, The New York Times reported.
If these other competitors do drive business away from Netflix, it'll be interesting to see if they raise their prices even higher. Moody's Begley predicted the price increase will enable Netflix to stop burning through cash by 2022 or 2023, assuming it can reach 200 million worldwide subscribers within the next three years. What has regularly been annual increases of more than 15 percent has hovered at just about 10 percent the past two years. Subscribers can pay $3 per month if they want to step up to a Netflix Premium subscription, which lets you stream HD and UHD content on four devices at the same time. Those subscribers now approach 80 million. Netflix has been getting a lot of praise for its original content lately. Chief financial officer David Wells left the company in October.
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That was also underscored by the company's strong showing at the Golden Globes, where it won five awards, more than any other network or studio.
The streaming service space is certainly growing more crowded each day as numerous big-name content creators dive in for a piece of the Netflix streaming pie.
The economy may be giving off some mixed signals when it comes to its sustainable health, but Netflix, Disney, and AMC aren't afraid to push through higher prices. But in the past the price of the basic streaming plan stayed the same. Or are you in this for the long haul having already cut the cable cord? Netflix has been putting billions of dollars towards its content, and its originals include popular titles like Orange is the New Black, House of Cards and Stranger Things.
Netflix subscribers will get 30 days' notice via email before they start getting higher monthly bills. New streaming services are coming from Disney, WarnerMedia, and NBCUniversal in the near future - but it would appear that Netflix won't be backing down.