It has just been over a year after increasing their prices for standard and premium plans, but Netflix is doing it once again. Starting mid-month of January 2022 for users residing in the US and Canada, subscriptions are going up at a rate of 11% for every tier and its premium plan now costs 4x the amount per month when compared to Apple TV+.
Netflix has recently updated its pricing, which can be seen on its website. The premium plan with 4k streaming has the most significant price jump going from $17.99 to $19.99 a month.
Meanwhile, the basic plan that offers access to a single device jumped from $8.99 to $9.99, and the standard plan has gone up from $13.99 to $15.49.
The price increase this 2022 marks the third hike in around three years, and this news sent Netflix’s stock up almost 3% at the time.
A note on Netflix’s Plans and Pricing page says:
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.
This increase makes Netflix one of the most expensive streaming services in the US. HBO comes next, with a subscription price of $14.99 per month. Disney+ costs $7.99 per month.
When compared with Apple TV+ at $4.99 a month, Netflix’s premium plan is now 4x more expensive. Then again, Netflix and Apple TV+ are entirely very different streaming services in both nature and maturity. However, the comparison is quite interesting as it highlights Netflix’s market share, massive catalog and customer retention through the prices it’s able to charge.
Netflix said it has 74 million members both in the US and Canada, but growth in those regions has become saturated.
Netflix is estimated to enjoy around 30% share in the streaming market, whereas Apple TV+ humbly has around 3%.