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Netflix raises prices for first time since January 2019

Netflix raises prices for first time since January 2019
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Netflix is raising the price of its HD standard subscription by $1 to $13.99 per month, marking the first time the streaming giant has raised prices since January 2019.

The 4K premium subscription will jump from $15.99 to $17.99, according to an announcement on Thursday.

Netflix's $8.99 plan, which is not broadcast in high definition, will not see a price increase. 

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“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a Netflix spokesperson said in a statement. “We’re updating our prices so that we can continue to offer more variety of TV shows and films – in addition to our great fall lineup. As always we offer a range of plans so that people can pick a price that works best for their budget.”

The increase comes after Netflix narrowly missed its projection for new subscribers in its third quarter earnings report.

The company still enjoyed a revenue increase of 25 percent amid the pandemic when compared to the same quarter in 2019, with revenue topping $6.15 billion and beating Wall Street estimates.

The coronavirus pandemic that shuttered movie theaters while keeping many Americans at home led to an explosion in new subscribers in the first quarter of the year, with Netflix adding a record 15.8 million accounts between January and the end of March alone.