The standard plan, which allows for two simultaneous streams, costs US $15.49 per month, up from US $13.99 in the United States.
In Canada, the standard plan climbed to C $16.49 from C $14.99.
After Reuters broke the news of the price's rise, Netflix's shares gained nearly 3 per cent to $533.84 on Nasdaq. They were 1.3 per cent higher at US $525.69.
The increases, the first in those markets since October 2020, took effect immediately for new customers. The new prices will be available for members in the coming weeks when they receive their monthly bills.
Netflix said that they understand people have more entertainment choices than ever, and we are committed to delivering an even better experience for our members.
We are updating our prices so that we can continue to offer a wide variety of entertainment options. The spokesperson said that we offer a wide variety of plans so members can choose a price that works for their budget.
The biggest streaming service in the world is facing the most competition from companies looking to draw viewers to online entertainment. Evercore ISI analyst Mark Mahaney said that Netflix has added customers despite prior price increases, which shows that its members have been willing to accept higher costs.
Mahaney said Netflix has pricing power, and this is proof that it has pricing power.
In the year 2021, Netflix said it would spend $17 billion on programming. The company hasn't disclosed spending for 2022.
The US price of Netflix's premium plan, which allows four streams at a time and streaming in ultra HD, has been increased by US $2 to US $19.99 per month. The cost of Netflix's basic plan, with one stream, went up by US $1 to US $9.99 per month.
The standard US plan from Netflix costs more than competitors, at $15.49 per month. HBO Max, owned by AT&T Inc., is currently offering a US $11.99 a month promotion for 12 months.
Walt Disney Co's Disney is priced at US $7.99 a month or US $79.99 a year.
In the third quarter of 2021, the region accounted for nearly 44 per cent of the company's revenue, or about US $3.3 billion.