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Netflix hikes subscription prices in the US

The move comes amid global surge in streaming

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KOLKATA: Netflix has hiked the prices of its subscription plans in its home market, the US. This marks the video-streaming service’s first price changes in the US since an increase rolled out early last year.

In the latest round of price hike, which has been anticipated for a while, the company has raised the standard plan by $1 to $13.99 per month. The premium plan that allows more people to watch the service on different screens simultaneously will now cost $2 more at $17.99 per month. The basic US plan remains the same at $9 per month.

"We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” Netflix said in a statement. “We’re updating our prices so that we can continue to offer more variety of TV shows and films.”

The price bump will be immediately effective for new subscribers, but will be rolled out for existing customers in phases over the next few months. The move comes amid global surge in streaming during Covid2019-fueled lockdowns in several countries.

Netflix has added 2.2 million net subscribers in the third quarter of 2020. For Q4, it has forecast 6.0 million paid net adds.

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