We’re not in Bird Box, but you might want to close your eyes for what’s about to happen to your Netflix subscription…
Netflix has implemented its biggest price hike in company history effective immediately, raising the price of its ‘standard plan’ in the US from $11 a month to $13, representing an increase of 18%.
The standard plan is by far Netflix’s most popular offering, giving subscribers the ability to stream HD content on up to two devices simultaneously. The company also offers a ‘basic plan’, which only allows one device at a time and doesn’t support streaming in HD, which has increased from $8 to $9, and a ‘premium plan’ that enables Ultra HD 4k content on up to four devices simultaneously that’s gone from $14 to $16.
A jump in the cost of a monthly Netflix subscription isn’t all that surprising given the company spent $3 billion last year alone, mostly on creating original movies and TV shows. Netflix has gone billions of dollars worth in debt to help it stay on top of the competitive streaming market, but it inevitably needs to increase its famously low membership fees to make that money back.
The move means that Netflix subscribers in roughly 40 latin countries where Netflix charges in US currency will also be affected, except for outliers like Mexico and Brazil.
New subscribers in Canada started seeing these same price hikes over a month ago, while existing subscribers will start seeing them at the start their next billing cycle.
Let’s hope all the awesome stuff Netflix has coming up in 2019 makes us forget all about that extra $24 a year.