Netflix Inc has raised its monthly subscription price by $1 to $2 per month in the United States depending on the plan.
Truetells Nigeria gathered that the company on Friday said the increase will help to pay for new programming to compete in the crowded streaming TV market.
The standard plan, which allows for two simultaneous streams, now costs $15.49 per month, up from $13.99, in the United States.
Prices also rose in Canada, where the standard plan climbed to C$16.49 from C$14.99.
Shares of Netflix gained nearly 3% to $533.84 on Nasdaq after Reuters broke the news of the price rises.
They closed 1.3% higher at $525.69.
The increases, the first in those markets since October 2020, took effect immediately for new customers.
Existing members will see the new prices in the coming weeks when they receive their monthly bills.
“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.
“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,” the spokesperson added.
The world’s largest streaming service is facing the most competition ever from companies looking to attract viewers to online entertainment.
Walt Disney Co, AT&T Inc’s WarnerMedia, Amazon.com Inc and Apple Inc are among the rivals pouring billions into new programming.
