Netflix increases the cost for their monthly subscription plans.

The streaming service Netflix has long since held a place in popular culture and media. Some of the shows they provide such as Stranger Things and Squid Game have greatly influenced pop culture and trends. Squid Game had a particularly strong effect on the public, receiving a 4.7/5 star score on Rotten Tomato, and being named one of the most popular Netflix series according to Variety. 

Recently Netflix raised the price on their monthly basic, standard, and premium plan. The premium plan increased from $2 per month, to $19.99 per month. The standard plan increased from $1.50 per month, to $15.49 per month and their basic plan by $1 per month, to $9.99 per month. In Canada, their premium plan increased by 18.99 Canadian dollars and their standard plan increased by 14.99 Canadian dollars. Canada’s basic plan was unaffected by the price change.

But why the sudden price gouge? In recent months, Netflix has seen subscription rates drop within the US and Canada. In order to combat the loss of money that this causes the company, Netflix raised the prices on its monthly plans. “They clearly believe they still have the pricing power to [increase prices] and that they provide an exceptional value for the money,” said Andrew Hare, a senior vice president of research at Magid in an interview with CNN. This decision seemed to ultimately benefit the company, its stock in Wall Street rose 2% on Jan 21st, showing the confidence stockholders have in the decision. 

While Netflix did greatly increase its prices, it still remains one of the best streaming platforms out there. It has a wide variety of tv shows, original series, and movies that appeal to everyone’s interests and likes which keeps its viewers coming back for more.