The standard plan, which allows for two simultaneous streams, costs $15.49 per month, up from $13.99 in the United States.
In Canada, the standard plan rose to C $16.49 from C $14.99.
After Reuters broke the news of the price's rise, Netflix's shares increased by nearly 3% to $533.84 on Nasdaq. They were 1.3% higher at $525.69.
The increases, the first in those markets since October 2020, took effect immediately for new customers. The new prices will be available to members in the coming weeks when they receive their monthly bills.
A Netflix spokesperson said that we understand people have more entertainment choices than ever and we're committed to delivering an even better experience for our members.
We're updating our prices so that we can continue to offer a wide variety of entertainment options. The spokesperson said that we offer a range 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, showing that 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 $2 to $19.99 per month. The cost for Netflix's basic plan, with one stream, went up by $1 to $9.99 per month.
The standard U.S. plan from Netflix costs more than competitors, at $15.49 per month. HBO Max, owned by AT&T Inc T.N, is currently offering a $11.99 a month promotion for 12 months.
The price of Walt Disney Co's DIS.N Disney is $7.99 a month or $79.99 a year.
The region accounted for nearly 44% of the company's revenue in the third quarter of 2021, or about $3.3 billion.