Netflix recently raised prices in Europe and the streaming company is now adjusting prices in the US, Canada and Latin America. The standard plan with HD picture quality will increase from $8.99 to $9.99 per month in the US.
Follows price rise in Europe
Netflix has more than 65 million customers so even a small increase in the monthly subscription price translates to a lot of dollars. The company says that it needs to increase the price because of content costs.
- To continue adding more TV shows and movies including many Netflix original titles, we are modestly raising the price for some new members in the U.S., Canada and Latin America, says Netflix.
Netflix is raising the price of the standard plan, which includes HD picture quality and two simultaneous streams from $8.99 to $9.99. Two years ago, Netflix raised the price from $7.99 to $8.99.
The SD plan with 1 simultaneous stream and the 4K plan with 4 simultaneous streams will continue to be available for $7.99 and $11.99, respectively.
Existing members will continue to pay the old price for 12 months.
Netflix is currently expanding to many new regions. It has just entered Japan and will enter Southern Europe later this month. In early 2016, they will enter South Korea, Singapore, Hong Kong and Taiwan as well as parts of Eastern Europe.