According to reports, Netflix on Thursday raised the price of the standard package and premium package to $13.99 and $17.99 per month, respectively . Prior to this, the two packages were priced at $12.99 and $15.99 respectively.
Existing Netflix customers will adjust their prices in the next two months and receive notification 30 days before the official price adjustment.
The entry-level basic package price remains unchanged at $8.99 per month. Netflix’s last price adjustment was in January 2019. Prior to this, the basic, standard, and premium package prices were $8, 11, and $14 per month, respectively.
The company’s COO, Greg Peters, revealed in the latest conference call that prices may increase in the future. He said at the time that if Netflix continues to invest in high-quality self-made content and deliver value to users, it may require “users to pay more.”
Netflix’s standard package provides 1080p picture quality, allowing users to watch on two devices at the same time. The premium package supports 4K video and HDR, and up to 4 screens can be used simultaneously. The basic package only supports 480p, which is approximately equivalent to DVD quality.
Netflix stock price rose more than 4% before the announcement of the price adjustment plan on Thursday, and closed up 3.7% throughout the day. Disney shares also rose more than 3%.
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