Netflix is increasing its monthly subscription rates in the U.S. and Canada in an effort to fund new programs to keep the upper hand in the highly competitive streaming market.
In the U.S., the standard plan, which provides users with two simultaneous streams, is now $15.49 a month, up from $13.99.
The standard plan also included a price increase in Canada, which rose from C $14.99 to C$16.49.
The subscription rate increases will come into effect immediately for new customers, while old subscribers will see the new prices in the coming weeks.
Meanwhile, the price of Netflix’s premium plan in the U.S., which allows four simultaneous streams and streaming in Ultra HD, has risen by $2 to $19.99 a month.
In Canada, the cost of the premium plan rose C$2 to C$20.99, while the base plan remained unchanged at C $9.99.
The U.S. and Canada are Netflix’s largest regions, with 74 million streaming customers as of September 2021, representing nearly 44% of the streaming giant’s revenue in the third quarter of last year, or about $3.3 billion.
The world’s largest streaming service is facing stiff competition from other streaming companies such as Walt Disney Co, AT &T’s Warner Media, Amazon.com and Apple TV.
Netflix’s next subscriber report is due on Thursday when the company announces its quarterly profits.
For more information, read the original story in Reuters.