Netflix shares rise as it lifts prices on US subscriptions

Shares of Netflix jumped Thursday, October 29, after the streaming service raised prices in the US for two of its subscription offerings.

The new prices, listed on the company’s website, increase the monthly price for its “standard” service by $1 to $13.99, and raised the “premium” service $2 to $17.99.

The products allow subscribers to view or download shows on more than one screen at the same time and provide high definition broadcast. 

These features are not available on the “basic” streaming service, for which the price remained unchanged at $8.99 a month.

Netflix did not immediately respond to a request for comment.

The streaming service, which has been seen as a big winner during the coronavirus pandemic with more consumers at home, hinted that higher prices could be coming during an earnings conference call earlier this month.

Company officials said at the time that Netflix had resumed production for hit shows including Stranger Things and The Witcher, as well as on an action film starring Gal Gadot, Dwayne Johnson, and Ryan Reynolds.

On Tuesday, Netflix announced a deal with video game company Ubisoft to create shows based on its hit Assassin’s Creed franchise.

Shares of Netflix ended the day at $504.21, up 3.7%. – Rappler.com