Last week, Netflix raised the prices on both its standard and premium subscription plans, Cnet reports. Per the streaming service's website, the popular standard plan will now cost U.S. customers $13.99 a month, which is a $1 increase from the current fee. The premium plan will jump $2 to $17.99 a month. The good news is that Netflix didn't raise the price of its basic plan, which streams at DVD-quality 480p and limits simultaneous streams to a single device.
A spokesperson for Netflix said that the company is raising its price so that it can bring more shows and content to consumers.
"We understand people have more entertainment choices than ever, and we're committed to delivering an even better experience for our members," Netflix said per Cnet. "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."
Despite the statement, it should be noted that Netflix reportedly has a $17 billion content budget. It has also been thriving through the pandemic, adding more shows to its library and moving ahead with many of its productions. Additionally, the coronavirus confining people to their homes has led to an increase in Netflix subscribers. Now, it seems like the service is hoping to lock these new users in at a higher price to fuel our insatiable need for content.