Netflix raises monthly subscription prices in U.S., Canada

Netflix Inc has raised its monthly subscription price by $1 to $2 per month in the United States depending on the plan

the company said on Friday, to help pay for new programming to compete in the crowded streaming TV market.

The standard plan, which allows for two simultaneous streams, now costs $15.49 per month, up from $13.99, in the United States.

Prices also rose in Canada, where the standard plan climbed to C$16.49 from C$14.99

Shares of Netflix gained nearly 3% to $533.84 on Nasdaq after Reuters broke the news of the price rises. They closed 1.3% higher at $525.69.

The increases, the first in those markets since October 2020, took effect immediately for new customers

 Existing members will see the new prices in the coming weeks when they receive their monthly bills.

Netflix had said it would spend $17 billion on programming in 2021. The company has not disclosed spending for 2022.