Last week the L.A. Times reported that everyone's favourite guilty pleasure Netflix was a staggering $20 billion in debt.
Yes, $20 Billion. Now in what may or may not be a related move, the online streaming giant has announced it will be increasing its membership prices for new members effective immediately.
The increase will also apply to current Canadian Netflix subscribers in the coming weeks. They will be notified of the price adjustment via email.
Previously, it would cost $7.99 to watch on one screen in standard definition. Users will now be paying $8.99.
Watching on two screens with HD will now cost $10.99, up from $9.99.
The biggest price hike applies to premium rates for watching on four screens at a time with HD and Ultra HD. The service will cost $13.99 — a $2 increase from the old rate of $11.99.
According to Netflix, the price hike is due to new features being added to the streaming service.
“From time to time, Netflix plans and pricing are adjusted as we add more exclusive TV shows and movies, introduce new product features and improve the overall Netflix experience to help members find something great to watch even faster,” the company said in a statement.
The last time Netflix raised its prices in Canada was in 2015.