If one of your New Year’s Resolutions was to be more frugal with your money in 2022, we have some bad news for you. On Friday, Netflix announced price hikes for all of its monthly subscription plans in the US and Canada. The new prices take effect immediately for new members, so if you try to sign up for Netflix for the first time today, the new plans will be the only choices you have.
Netflix introduces price hikes right as 2022 begins
Reuters was the first publication to report the higher prices on Friday afternoon. Each of the streaming service’s three monthly plans is now more expensive than it was this morning.
The Basic plan, which only includes one screen and SD content, jumped a dollar from $8.99 to $9.99. The Standard plan, which offers two screens and HD content, increased from $13.99 to $15.49. Finally, the pricey Premium plan, which allows subscribers to watch on up to four screens in 4K Ultra HD, rose two dollars from $17.99 to $19.99. No matter which one you choose, you’re going to pay more. Netflix offered the following statement in regards to the higher prices when Reuters reached out:
We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members. We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options. As always we offer a range of plans so members can pick a price that works for their budget.
This is the first time that Netflix has raised the prices of its plans since October 2020. At the time, the company bumped the price of the Standard plan from $12.99 to $13.99, as well as the Premium plan from $15.99 to $17.99. The Basic plan stayed flat at $8.99 a month.
It was only a matter of time before Netflix’s prices jumped again. Since 2013, the company has never waited more than two years to raise prices on its monthly plans. The difference now is that consumers have far more options to choose from. At $15.49 per month, Netflix’s standard plan is now even more expensive than HBO Max without ads. How long can Netflix stay on top like this?
