Netflix Inc has increased its monthly subscription price by USD 1 to USD 2 per month in the US and Canada, said the US multinational company on Friday.
This increase in monthly subscription price is attributed to helping fund new programming to compete in the crowded streaming TV market.
“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 same spokesperson added.
The US multinational company has witnessed the most intense competition ever from companies seeking to attract viewers to online entertainment, including Walt Disney Co, Apple Inc, WarnerMedia, and Amazon.com Inc.
Netflix’s subscriber growth slowed due to the COVID-19 pandemic, but rebounded following the release of “Squid Game,” a dystopian thriller from South Korea in September, enabling Netflix to reach 213.6 million subscribers globally.
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