Netflix Inc., the Los Gatos, California-headquartered streaming industry giant, had said in a statement on Friday that the 25-year-old streaming industry pioneer would raise its subscription prices between $1 to $2 per month depending on the plan, as the American multinational media streaming trailblazer had been looking to spur up revenues in a bid to develop new programming what analysts believe could deepen its footprints into a highly congested streaming TV market.
According to Netflix Inc statement, the Californian media streaming giant would heighten up prices of its ‘Standard Plan’ by $1.50 to $15.49 a month in the US, compared to a prior $13.99 per month, while in Canada, Netflix would raise the prices of its ‘Standard Plan’ to C$16.49 per month from an earlier C$14.99 a month.
As the media topline broke off, shares’ prices of Netflix Inc jumped over 4 per cent in late-afternoon US trading hour, rounding off Friday’s Wall Street 1.25 per cent higher to $525.69 per share. Despite the day’s amelioration in shares’ prices amid a sharp pick-up in investors’ morale, Netflix Inc lost 2.47 per cent over the week in the wake of a mass-scale sell-off wave in technology stocks amid mounting bets on a rate-hike from the US Federal Reserve.
Netflix to raise subscription prices in US, Canada between $1 to $2 per month
In point of fact, latest move from Netflix Inc that became effective immediately, had been the first price hike since the October of 2020, when a pandemic-led restriction had proffered a propitious boost to Netflix Inc among other mega-cap tech conglomerates.
Netflix has been one of few tech giants that had been benefitted by the most during the pandemic-led restriction back in 2020s. Meanwhile, pledging to provide a better experience, a spokesperson for Netflix Inc had told following the announcement, “We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members”.
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