Netflix subscribers, you’re not imagining things. The price for your monthly Netflix subscription has, in fact, increased once again.
The streamer first announced the price increase in the January earnings report, noting the new Netflix monthly costs will be implemented immediately in the United States, Canada, Portugal and Argentina.
The Netflix ad-supported Standard plan went up from $6.99 to $7.99 a month, while the ad-free Standard plan increased from $15.49 to $17.99 a month. The Premium plan also increased from $22.99 to $24.99.
The streamer also launched a new, ad-supported tier for Extra Members for an additional $6.99 a month for subscribers who would like to add a member to their plan outside of their household. Unfortunately for subscribers, the ad-free Extra Member plan also jumped in price, going from $7.99 to $8.99 per month.
“As we continue to invest in programming and deliver more value for our members, we will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix,” the company’s letter to investors said.
Some subscribers may already see a change in their monthly bill. The new prices will go into effect during the next billing cycle.
Why does Netflix keep raising prices?
This is just the latest in several price hikes Netflix has handed off to subscribers. Part of the reason why Netflix has continued to increase its prices is because the streamer has cemented itself as part of the canon entertainment diet.
And Netflix has only continued gaining subscribers amid its price increases, even after the controversial password crackdown. The latest earnings report notes Netflix added 19 million new subscribers in the past few months, marking the most subscribers gained in a single quarter. The global subscriber total is now at approximately 300 million subscribers, per The Verge.
But where is this money going? A 2023 report from Variety notes the streamer was pulling back from producing as many new films as years past, decreasing its output to around 25 to 30 films as opposed to 50.
“We’re a machine that was built to go, go, go,” Netflix’s head of film division Scott Stuber said. “And that doesn’t always result in quality. A lot of streaming companies made the mistake of moving so fast that we made a lot of things that weren’t ready to be produced. I want to avoid that.”
The streamer is also continuing with theatrical releases, as it just locked down an impressive deal to distribute Greta Gerwig’s upcoming Narnia adaptation in IMAX, per Indiewire.
