There’s some bad news today for Netflix subscribers in the United States. The streaming service is raising prices for subscribers in the country across all tiers. There isn’t going to be a cooling off period here as well. The price hike goes in effect immediately which means subscribers will be charged the higher rate when their next billing cycle begins.
Netflix last raised prices for subscribers in the United States back in 2017. CEO Reed Hastings said at that time that the company will have to raise prices incrementally as it pours more money into original programming. And pour it does, Netflix spends billions of dollars annually on creating original content.
The company also spends a decent chunk of money on licensing some of the most popular content. While it never confirmed the figure, reports suggested that it paid over $100 million to secure streaming rights to Friends, which happens to be one of the most popular series on the service.
The basic Netflix plan which doesn’t offer access to HD content will now cost $9 per month instead of $8. The HD streaming plan, which happens to be the most popular, is going up to $13 from $11 per month. The most expensive plan which provides access to 4K content and up to four streams simultaneously on four different devices is being bumped up to $16 from $14.