RTTNews | Jan 18, 2022 03:05PM EST

15:05 Tuesday, January 18, 2022 (RTTNews.com) - Online streaming platform Netflix Inc. (NFLX) has increased prices of its streaming service for subscribers in the US and Canada. The company said that the price hike is needed to compete in an environment with other streaming platforms. In the past also, the company has witnessed growth in the number of subscribers, even though monthly rates were on an upward trajectory.

Subscribers who have joined recently need to pay the new prices, which are already in effect, while the present subscribers will get information about the price hike in the coming weeks.

The company has raised the cost of the monthly standard plan from $13.99 to $15.49 in the US and from C$14.99 to C$16.49 in Canada. This makes its regular subscription more expensive than its rivals. The price of premium plans has also been raised two dollars for both US and Canada to $19.99 and C$20.99, respectively. As the United States and Canada have the maximum number of subscribers at 74 million, it was inevitable that the prices would be hiked in this region.

Competitors of Netflix like Disney, Amazon, and Apple are investing lots of money into new content to attract customers and Netflix is forced to act to take on the opposition. Netflix said that it has $17 billion for programming in 2021 and the recent price increase is expected to be financially beneficial for the company.

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