Although the pandemic hindered various industries, streaming services still thrived as subscriptions reached $1.1 billion in 2020, according to the Wall Street Journal. Unfortunately, this is competition is also causing prices to increase.

Citing growing competition, Netflix has announced it is now increasing its monthly subscription price by nearly two dollars to $15.49. Canadian Netflix customers will also see their subscription prices increase by the same amount, to $16.50 Canadian dollars. 

The streaming giant last increased its monthly prices in 2020, from $13 to $14. According to Reuters, Netflix shares increased around 3% on Nasdaq following the announcement of the subscription price increase. 

Netflix increased prices on two of its US subscriptions, boosting shares Netflix increased prices on two of its US subscriptions, boosting shares Photo: AFP / Olivier DOULIERY

Netflix told USA Today that it is increasing prices “​​so that we can continue to offer a wide variety of quality entertainment options."

A spokesperson for the streaming service said that “We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members."

ABC News reports that Netflix still reigns supreme among streaming services in the United States, but rivals such as HBO Max and Disney+, are steadily increasing in prevalence.