Upside Down gets a price hike; Netflix is raising prices on two plans for US customers

The Verge reports that the most popular Standard plan will increase by $1 to $1399, while the Premium plan, which includes 4K, will be $2 higher at $1799 per month; only the Basic plan, which does not offer HD streaming, will remain the same at $899

Netflix last raised prices for US subscribers in January 2019 A company spokesperson told The Verge that the price increase was "to continue to offer a greater variety of TV shows and movies"

The price increase comes at a time when most entertainment venues, including movie theaters and concert halls, are closed or restricted due to the coronavirus pandemic However, streaming services like Netflix experienced a surge in demand early in the pandemic

However, that demand has been declining in recent months Last quarter, after six months of record growth, Netflix reported its smallest subscriber growth since 2016 The company told shareholders that the slowdown in growth was expected as stay-at-home orders picked up

According to CNBC, the price increase immediately caused a 5% leap in Netflix's stock price

Prices for the new plans are already posted on Netflix's help site New subscribers will see the new rates immediately, while existing subscribers will see the new rates in billing cycles over the next few weeks

Netflix recently canceled a number of shows due to production difficulties and costs during a pandemic These include GLOW, Away, Teenage Bounty Hunters, I Am Not Okay With This, and The Society

However, the streaming service claims that its production pipeline is full, with a wealth of content to be released soon In a letter to shareholders, the company stated, "With respect to 2021 productions, we continue to expect a year-over-year increase in the number of original productions launched on the Netflix service in each quarter of 2021, particularly when compared to other entertainment service options for our members We are confident that we will be able to offer a wide range of exciting programming"

Indeed, "Stranger Things" Season 4 has resumed filming So has "The Witcher" Season 2 Season 3 will be starting soon, as will Ma Rainey's Black Bottom, Mank, Ryan Murphy's Prom, Shonda Rhimes' Bridgerton, Cobra Kai Season 3, and other shows and films already completed in the next few months Not to mention "Cobra Kai" Season 3