Netflix is raising the price of its standard and premium 4K plans in the US
- Netflix's standard- and premium-plan
pricesare increasing in the United States.
- The premium plan will now cost $18 a month, up from $16, while the middle option is now $14, a $1 increase.
- The basic plan will remain $9 a month for lower-resolution
streamingon a single screen at once.
The most popular plan, the standard plan, which includes high-definition streaming on up to two screens, will cost $1 more, at $14 per month, while the most expensive premium plan got a $2 hike, to $18, for 4K HDR and more simultaneous screens, Netflix said on Thursday.The basic plan will remain $9 for a lower resolution and one screen, the company said.
Netflix has been under pressure to add subscribers at a faster clip after posting lower-than-expected third-quarter numbers earlier this month.Investors cheered the price increase, a potential revenue booster, sending shares higher by more than 4% in Thursday trading.
"Though the Q3 subscriber adds were disappointing, we believe the NFLX Long Thesis is well intact," said Mark Mahaney, an analyst at RBC Capital Markets. The bank said its research indicated that customers usually subscribe to multiple services, "and Netflix is almost always one of those services."Those competing services are a growing group, though, and many are increasing the offerings in their own content library to compete. Perhaps most notably, Disney doubled down on streaming in its latest corporate reorganization as the COVID-19 pandemic hobbled other important business segments like theme parks and cruises.
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