Netflix North America Prices Raised Again After About One Year

[Image source=AFP Yonhap News]

[Asia Economy Reporter Park Byung-hee] The world's largest online video service (OTT) provider Netflix has raised the monthly subscription fees for subscribers in the North American region by $1 to $2, according to major foreign media reports on the 15th (local time). This is the first time in over a year that Netflix has increased prices in the United States and Canada.

The Standard Plan, which allows two people to use the service simultaneously, was set at $15.49 in the U.S., up $1.50. In Canada, the Standard Plan was also raised to 16.49 Canadian dollars. Netflix also increased the Basic and Premium monthly subscription fees in the U.S. and Canada.

This is the first increase in monthly subscription fees in the North American region in 1 year and 2 months since the end of October 2020.

Netflix has 213.5 million subscribers worldwide, of which 74 million are customers in the U.S. and Canada.

As competition in the streaming market intensifies, foreign media analyzed that Netflix raised prices to secure costs for content investment.

CNN reported, "Netflix is spending billions of dollars on content and acquiring new subscribers is becoming increasingly difficult," adding, "Raising consumer fees is an easy way to increase revenue."