Content streaming platform Netflix has increased its monthly subscription prices in the United States and Canada. Its basic plan that has no HD content is increasing from $9 per month to $10, while its standard plan is increasing from $14 to $15.50 per month.

The 4K plan is increasing by $2 from $18 per month to $20 per month. Netflix says the price change for existing subscribers will happen “gradually” However, this price increase is not immediate for existing subscribers. New users will be charged these new prices while existing subscribers will get a 30 days notice before the effect.

Netflix is increasing its prices in a period where its subscribers have been increasing rapidly. Its surprise hit Korean drama series “Squid Game” has boosted its number of subscribers in the third quarter of 2021.

In a letter released by the streaming giants, they recorded an increase of 4.4 million new customers globally between July and September, bringing the total number of users to 213.6 million.

“Netflix is a global, direct-to-consumer service which enables creators to reach broader audiences- and gives our members an even greater choice of stories to enjoy. There is no better example of this than ‘Squid Game,” reads an excerpt from the letter to investors.

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The growth spurt surpassed predictions as analysts had expected the company would add 3.78 million paying subscribers in the quarter.

“Squid Game”, a Korean survival drama series centres around a group of 456 adults struggling to pay off their debts. They enrol to participate in children’s games to win a cash prize of 45 billion. However, losing the game has “deadly consequences”. It is currently Netflix’s most-watched show, beating out “Bridgerton” to take the spot.

Netflix during the 2021 Code conference released before never seen numbers of its most-watched top titles. The streaming service company shared the number of accounts that have viewed its top 10 series and movie.

Leading the Series numbers is Bridgerton with 82 million accounts viewing the title. A close second is part one of Lupin  While for the Films section, Extraction leads with 99 million accounts. This is followed by Bird Box with 89 million accounts.

Netflix will need to churn out more content in order to justify its price increase. It is facing serious competition from other streaming services that provide lesser prices with a healthy catalogue of content.

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