Netflix raises prices, other streaming competitors see success

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Netflix’s stocks rose after the company announced it was increasing the cost for standard subscribers by $1. Photo by Pixabay.

Netflix announced that it has raised prices for most of its U.S. customers, as the service continues to position itself as the frontrunner in the streaming business.

The change will affect subscribers to the standard plan, which will increase from $12.99 to $13.99 per month, and the premium plan, which will increase from $15.99 to $17.99. The cheapest option, the $7.99 basic plan, will remain the same. The company’s stock rose 5% after the higher prices were announced.

This comes as more services continue to establish themselves as bona fide competitors to Netflix. This week, NBCUniversal announced that Peacock, which offers a free ad-supported tier, has signed up almost 23 million subscribers this year. The company has not released information on how many of these subscribers are paid.

Meanwhile, Apple TV+ and Amazon Prime Video have landed hits that make them more competitive with Netflix. Apple’s comedy “Ted Lasso,” which was just renewed for a third season, became a pandemic-era hit. It brought much-needed buzz to the streaming newcomer, much like “The Mandalorian” did when Disney+ launched in November 2019.

Amazon has also positioned itself as a competitor with the release of “Borat Subsequent Moviefilm,” a sequel to the 2006 mockumentary starring Sacha Baron Cohen. Amazon is also acquiring established programming, such as an upcoming courtroom show hosted by Judy Sheindlin, better known as Judge Judy.

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