Just over a year after raising prices for its standard and premium plans, Netflix is increasing them again. Starting today for users in the US and Canada, subscriptions are going up around 11% for every tier and now its premium plan costs 4x Apple TV+.
Meanwhile, the standard plan is going from $13.99 to $15.49 with the basic plan that only offers access from 1 device at a time jumping from $8.99 to $9.99.
The latest price increase marks the third hike in roughly three years and today’s news has sent Netflix stock up almost 3% at the time of writing.
Netflix says on a help page:
These 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.
As we noted last time around, while Apple TV+ has extended free trials over the last few years to bolster the subscriber base for its young service, Netflix raising prices yet again shows its dominance in the streaming space.
With Apple TV+ at $4.99 a month, Netflix’s premium plan is now 4x more expensive. Of course, Netflix and Apple TV+ are very different streaming services in both nature and maturity, but the comparison is interesting as it highlights Netflix’s market share, large catalog, and customer loyalty through the prices it’s able to charge.
While Netflix is believed to have around 30% market share in the streaming market, Apple TV+ is estimated to have earned around 3%.
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