Netflix raised the monthly price of most of its subscription plans in the U.S. and Canada, as the streamer looks to generate more revenue from a slower-growing base customers.
The price increases, announced Friday, will see Netflix’s Standard plan — its most popular tier, which provides two simultaneous HD streams — go up by $1.50, to $15.49 per month.
In addition, Netflix’s Premium plan (with four streams and offering 4K Ultra HD content) is going up by $2, from $17.99 to $19.99 per month, for U.S. customers. The Basic plan (with a single non-HD stream) is going up $1, to $9.99 monthly.
A notice on Netflix’s customer-support site says the new prices apply to new members and will gradually take effect for all current members. “Current members will receive an email notification 30 days before their price changes, unless they change their plan,” the message says.
The company also increased prices in Canada, where the Standard package increased by C$1.50, rising to C$16.49, and the Premium plan went up by C$2 to C$20.99/month. In Canada, the Basic plan remained unchanged at C$9.99/month.
The hikes are the first for the U.S. since October 2020. The higher rates come Netflix has seen its subscriber growth slow down in its UCAN (U.S. and Canada) region significantly over the past year.
“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a Netflix rep said in a statement (language similar to that it has used in the past). “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.”