Monday, July 4, 2022

Netflix raises prices, stock leaps 5%

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Co-founder and director of Netflix Reed Hastings delivers a speech as he inaugurates the new offices of Netflix France, in Paris on January 17, 2020.

Christophe Archambault | AFP | Getty Images

Netflix on Thursday raised the prices of its standard and premium plans to $13.99 and $17.99 per month, respectively. Prior to Thursday, those plans were priced at $12.99 and $15.00, respectively.

The entry-level basic plan remains at $7.99 per month, the same price that was introduced last year. It’s the first increase since Netflix boosted the cost of its service in January 2019. Prior to then, the basic, standard and premium plans were available for $8, $11 and $14, respectively.

Netflix did not immediately respond to a request for comment on whether the price increases apply to existing customers and, if so, when the changes will go into effect.

Netflix’s standard plan offers up to 1080p quality and allows people to watch on two screens at the same time. Its premium plan includes support for sharper 4K resolutions and HDR and up to 4 screens at the same time. The basic plan supports 480p, about the quality of a DVD.

Shares of Netflix were up nearly 4% on the price change.

This news is developing. Please check back for updates.

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