Netflix upping US, Canada prices with competition growing

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Netflix is ​​raising prices for subscribers in the US and Canada

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NEW YORK — Netflix has been raising prices for its video streaming customers in the US and Canada, less than a year and a half later, as competition from other streaming services mounts.

The Los Gatos, Calif., company said Friday it is increasing prices by $1 to $2, depending on the plan. The “Standard” plan most people take is increasing from $1.50 to $15.50. The Canadian version is moving up to $16.50 Canadian Dollar by the same amount in the local currency.

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In the US, Netflix’s most expensive plan is increasing from $2 to $20; Its basic plan ranges from $1, to $10. Plans vary based on variables such as the number of screens users can watch Netflix on at the same time and the number of phones or tablets that can be downloaded. The company still mails DVDs to a service that requires a different plan.

The price hike is effective from Friday. Netflix will notify customers by email and inside the Netflix app before the new price is applied.

Raising prices runs the risk that people will cancel. Netflix remains the dominant US streaming service, but others, such as HBO Max and Disney+, have grown in popularity.

Netflix shares rose in late trading after news of the price hike emerged. The stock closed up $6.49, or 1.3%, at $525.69. The company presented its fourth quarter financial results on Thursday.

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