(RTTNews) – Online streaming platform Netflix Inc. (NFLX) has raised prices for its streaming service for subscribers in the United States and Canada. The company said the price hike was necessary to compete in an environment with other streaming platforms. Also in the past, the company experienced growth in subscriber numbers, even though monthly rates were on an upward trajectory.

Subscribers who joined recently must pay the new prices, which are already in effect, while current subscribers will receive information on the price increase in the coming weeks.

The company has increased the cost of the standard monthly plan from $13.99 to $15.49 in the US and from CA$14.99 to CA$16.49 in Canada. This makes its regular subscription more expensive than its rivals. The price of the premium plans has also been increased by two dollars for the United States and Canada to CA$19.99 and CA$20.99, respectively. As the United States and Canada have the maximum number of subscribers at 74 million, it was inevitable that prices would rise in this region.

Netflix’s competitors like Disney, Amazon and Apple are investing a lot of money in new content to attract customers and Netflix is ​​forced to act to face the opposition. Netflix said it has $17 billion for programming in 2021 and the recent price increase should benefit the company financially.

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