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The streaming giant announced last month that it would raise rates, and the company made good on that promise Tuesday, Nov. 7, for new subscribers. The hike for existing customers will take effect next month.
Netflix said it would email existing customers soon about the new subscription costs, reports said.
So, what are those prices?
The Standard tier — which includes ads — will remain $7 a month. The Basic option will cost $12 a month, and the Premium package will now cost $23 monthly.
That's a $2 rise for the top two tiers.
The Basic package will allow users to add one person outside their household to use the account. Premium will allow two users.
Netflix last raised prices in January 2022, according to CNN.
The streaming platform brushed off the rate hikes in its securities filings.
“As we deliver more value to our members, we occasionally ask them to pay a bit more,” Netflix said in an earnings report. “Our starting price is extremely competitive with other streamers and at $6.99 per month in the US, for example, it’s much less than the average price of a single movie ticket.”
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