Published: Fri, October 06, 2017
Markets | By Erika Turner

Netflix raises prices on 2 of its most popular subscription plans

Netflix raises prices on 2 of its most popular subscription plans

Netflix had 48.4 million global streaming accounts when it announced that it would be increasing its original rate of $7.99 for its most popular plan three years ago.

"Members will be notified at least 30 days in advance, based on billing cycle, on when they will see the price change", Netflix said. The basic package will not see a price change, as it has remained the same since Netflix's launch in 2010. Nearly exactly two years ago, Netflix raised its prices for new members and began to "un-grandfather" existing customers into the new price levels.

"We would expect [Netflix management] would be unlikely to implement such a price increase if USA subscriber trends were disappointing, bolstering our confidence further" that subscriber cancellations will be minimal, Mitchelson wrote in a research note.

The premium plan will go up by two dollars to $13.99 a month.

Standard plan subscribers start to get a better taste of all that Netflix has to offer, starting with the ability to watch movies and television shows in HD.

One way to do that is by fleshing out its service, adding content and features, and then charging more in exchange - which appears to be exactly what Netflix is doing.

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In a statement to the Daily News, Netflix's team stated that they occasionally up the cost of subscriptions as they add exclusive content.

Following a subscriber growth miss in 2016, Netflix CEO Reed Hastings blamed the public reaction to the price hike.

Netflix is raising prices for subscribers in the United States and the United Kingdom. Netflix will notify existing subscribers by October 19 when the price will go up and will give at least 30 days notice before the new bill will need to be paid. Netflix expects to spend $6 billion a year alone on programming this year, and the expenses are likely to rise as it competes against streaming rivals such as Amazon, Hulu, YouTube and, potentially, Apple for the rights to future shows and movies.

With increased prices comes new features, according to Netflix.

Stranger Things avoiding a sophomore slump in it's much- anticipated second season wouldn't hurt either.

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