Netflix is raising the prices on its standard and premium plans for customers. Its standard plan is now $14 (GHC81.76) a month, up $1 from last year.
Its premium subscription will go up $2 to $18 (GHC105.12) a month. Its basic plan remains unchanged at $9 (GHC52.56) a month.
Netflix’s stock rose 5% following the news.
The new prices will take effect starting immediately for new members while current members will be notified that their subscription is going up as it rolls out over the next few months.
“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members. We’re updating our prices so that we can continue to offer more variety of TV shows and films,” a Netflix spokesperson said in a statement.
The spokesperson added that Netflix offers “a range of plans so that people can pick a price that works best for their budget.”
The news comes a week the company posted slowing growth in new subscriptions and lower-than-expected profits. This came after Netflix had a huge 2020 because of people being stuck at home during the coronavirus pandemic.
Netflix is the king of streaming and the moves it makes, especially in terms of cost to the consumer, reverberates throughout the market.
Disney’s stock reportedly had a positive reaction following the announcement of Netflix’s pricing going up.
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