Netflix is raising its prices in the US, CNBC reported.
The new prices for its streaming packages in the US are:
- Basic – from $8 to $9
- Standard – from $11 to $13
- Premium – from $14 to $16
The news has sent Netflix’s share price up, and at the time of writing it was up 5.7% for the day.
“It’s the fourth time Netflix has raised prices since its streaming service launched. The company last raised rates in October 2017,” said CNBC.
It was reported that the money generated from the price increases will be used to pay for original shows and films – and finance debt.
Netflix in South Africa dropped its US dollar pricing for rand in August 2018.
Netflix South Africa was asked if local pricing would also be hiked, following the US move, but the company was not immediately available to comment.
Update – A Netflix spokesperson stated that price increases are “specific to each country, and the US increase does not influence or indicate a price change in South Africa”.