Netflix hikes monthly subscription prices in US, Canada 

The streaming behemoth, Netflix is raising the price of its streaming subscription service in the United States (US) and Canada for the second time during the COVID pandemic. 

According to Netflix, the new prices go into effect immediately for new subscribers, but will eventually be applied to all existing members. 

Therefore, those who are already subbed will get an email 30 days before these changes come into effect which will give them a chance to either change their subscription or cancel their plans entirely.  

Company’s popular Standard plan, which supports high-definition content and allows users to watch separately on two screens, jumps from $13.99 to $15.49.  

Up a dollar from what it used to cost before, with the new rates, Netflix is now significantly more expensive than rival streaming services.  

So much so that the company’s costs will undoubtedly go up, which is why it doesn’t really come as a surprise to learn that Netflix has recently announced a price hike. What this means for subscribers is that the Basic plan will now be priced at $9.99 a month

Following the surge, Netflix’s Premium plan, which offers Ultra HD and supports up to four screens simultaneously, will increase from $17.99 a month to $19.99 a month. 

In a statement to USA TODAY, Netflix said it is raising prices "so that we can continue to offer a wide variety of quality entertainment options".

"We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members," said streaming giant in its statement. 

The tech giant last raised prices in 2020, as millions of users flocked to streaming services while remaining confined to their homes amid COVID-19 outbreak. 

Moreover, most of the company's recent pickup in subscribers has come from overseas.

Netflix isn’t the only service that’s been raising prices lately. Hulu hiked the price of its ad-supported and ad-free tiers by $1 per month in October.