Netflix is gearing up for another price hike for its streaming service. The updated pricing is already in effect for new customers while existing users in the United States will see the increase over the coming weeks.
Netflix’s basic plan (single screen) will continue to cost U.S $8.99 per month, while its most popular standard plan (2 screens) will see a jump by 7.7% from U.S $12.99 to U.S $13.99 per month. The top-tier premium plan will get the biggest increase, by 12.5%, from U.S $15.99 to U.S $17.99 per month.
What does this mean for Netflix customers in Trinidad and Tobago and the Caribbean? Well, for now the price hike only seems to apply to U.S customers but this could foreshadow what’s to come in the near future.
The last time Netflix raised its prices was back in January 2019. The company is facing increased competition in the streaming market with recent services like Apple TV+, Disney+, Peacock and HBO Max.
Netflix’s Chief Operating Officer and Chief Product Officer, Greg Peters, recently hinted that a price jump was coming at an earnings call. He said that as the company invests more into both content and tech developments, they’ll “occasionally go back and ask [customers] to pay a little bit more to keep that virtuous cycle of investment and value creation going.”
In the past, Netflix’s CEO Reed Hastings has said the company is okay with losing some customers due to things like price hikes and competitors.
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