Netflix Prices Are Going Up Again
The streaming service is asking for more money for the same product.
Streaming giant Netflix may be producing big-name content down the road--like the recently announced Assassin's Creed series--but the service is also canceling a lot of content in 2020, and now, it's raising subscription prices for US customers.
Two of Netflix's pricing tiers are increasing in price. The Standard tier--which allows streaming on two devices at the same time--is jumping from $13 to $14 a month, according to Netflix's Help Center. The Premium tier--which allows streaming on four devices at the same time and Ultra HD viewing--jumps from $16 to $18 a month. The Basic tier will remain $9 a month.
Over the past couple of years, there have been two price raises. In January 2019, US subscribers saw a bump in monthly costs for all three tiers. In June 2019, the same thing happened to UK subscribers.
Netflix is a growing company, as an investor meeting on October 20 revealed that the company's revenue has grown 22.7% in Q3 of 2020, bringing in $790 million in profit. This was Netflix's biggest quarter of the year. However, it was the slowest growth of new subscribers for 2020. Netflix gained 2.2 million subscribers during Q3, while it brought in 15.7 million in Q1 and 10 million in Q2.
Globally, Netflix currently has 195 million subscribers and is profitable. The reason for the raise in pricing is not known at this time.