Netflix Price Increase: Here's How Much a Monthly Subscription Costs for 2022
Netflix subscribers will now be shelling out a few extra bucks every month. The streaming company has increased the price of a Netflix subscription in both the United States and Canada, hiking the price up by $1 or $2 for all of its plans. The price hike went into effect on Friday, Jan. 14 for new subscribers, according to Reuters, which reported the new prices will roll out to existing subscribers in the coming weeks.
"We understand people have more entertainment choices than ever and we're committed to delivering an even better experience for our members," a Netflix spokesperson said of the price hike. "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."
Under the new pricing, the basic plan, which allows subscribers to watch on one screen at a time and does not include HD and Ultra HD, will jump from $8.99 per month to $10 per month. The middle-tier plan, the standard plan, will see an increase of $1.50, rising from $12.99 per month to $15.50 per month. That plan allows subscribers to stream in HD on two screens at once. Allowing subscribers to watch on four screens at once with Ultra HD available, the premium plan will see the largest increase at an extra $2 per month. Subscribers who only spent $18 per month will now be paying $20 per month, a $2 increase. In Canada, meanwhile, the premium plan rose from C$2 to C$20.99, and the basic plan was unchanged at C$9.99. The U.S. and Canada are Netflix's largest regions with 74 million customers as of September 2021.
This marks the latest price hike for the subscription service in recent years, with the most recent having come in October 2020 when prices rose by $1 to $2 depending on the subscription tier. Just months prior to the price increase being initiated, Netflix COO Greg Peters said during an earnings report that the company looks "on our specific metrics, and it's metrics like engagement, like churn. "And those are the signals that we have for indicating when we have created more value for our members... it might be time to go back to them and ask them for a little bit more so that we can then invest that further into amazing stories, great content, better product experiences and create even more value for them."
At this time, Netflix has not disclosed spending for original programming in 2022. In 2021, the company said it would spend $17 billion on programming. In recent years, the streamer has put an increased push on original programming, though it has also earned some backlash from subscribers over its tendency to cancel series after just a few seasons. Stay tuned to PopCulture.com for the latest streaming updates!