Netflix raises subscription cost for existing and new customers
Popular streaming service Netflix has announced increase in subscription charges for existing and new customers. Netflix has witnessed amazing rise in subscriptions in the recent quarters and the company has maintained growth by expanding in new markets. For the first time after 2015, Netflix has increased the cost for subscription plans.
The cost for $9.99 per month plan has been increased to $10.99. The cost of most expensive plan has been raised from $11.99 to $13.99. The basic plan price hasn’t been changed by Netflix. The price hike will be applicable only on the customers across the United States. The new rates will start applying from mid-November.
Commenting on stock performance, Rob Sanderson analyst at MKM Partners said, “Most investors believe that Netflix is priced well below its value to consumers and want to see the management continue to increase monetization.”
Netflix is investing heavily on content creation. The company recently announced $6 billion investment on new shows on its exclusive network.
Netflix Stock jumped by nearly 5 percent to $193.58 after the company announced increase in subscription rates. The stock is trading around its yearly high as investors are confident about future of streaming service after strong subscription data shared by the company each quarter.
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