Netflix raises prices to pay for programming

The increase was necessary to pay for new programming because of the increased competition in the streaming entertainment industry, according to company officials.

The standard plan in Canada rose to C $16.49 from C $14.99.

After news of the price's rise, Netflix's shares increased by nearly 3 percent to $533.84 on Nasdaq and closed at $525.69.

We're updating our prices so that we can continue to offer a wide variety of entertainment options. A Netflix spokeswoman said there was a range of plans to choose from, so members can choose a price that works for their budget.

Walt Disney Co, AT&T Inc's WarnerMedia, Amazon.com, and Apple are all competing, which is why they are putting billions into new programming.

In 2021, Netflix stated that it would allocate $17 billion for programming.

The Netflix premium plan's price went up by $2 to $19.99 per month.