Netflix hikes monthly subscription prices in U.S. and Canada

Netflix Inc has raised its monthly subscription price by $1 to $2 per month in the United States and Canada.

Netflix raised its subscription plan to help pay for new programming to compete in the crowded streaming TV market.

The standard plan, which allows for two simultaneous streams, now costs $15.49 per month, up from $13.99, in the United States.

Prices also rose in Canada, where the standard plan climbed to C$16.49 from C$14.99.

Netflix is facing the stiffest of competition ever as Walt Disney Co AT&T Inc’s WarnerMedia, Inc and Apple Inc pour billions into new programming to attract viewers.

Netflix had said it would spend $17 billion on programming in 2021.

The U.S. price of Netflix’s premium plan, which enables four streams at a time and streaming in ultra HD, was increased by $2 to $19.99 per month.

For Netflix’s basic plan, with one stream, the cost rose by $1 to $9.99 per month.

In Canada, the premium plan rose by C$2 to C$20.99, and the basic plan was unchanged at C$9.99.

At $15.49 per month, the standard U.S. plan from Netflix now costs more than competitors.

The company’s next subscriber report is due Thursday when Netflix posts quarterly earnings.