Streaming giant Netflix has announced yet another round of price increases that will affect all domestic subscribers. Netflix stated Friday that it will boost the price of its monthly memberships in the United States and Canada, with the premium plan going from $17.99 to $19.99, the standard plan’s price will rise from $13.99 to $15.49, and the basic plan’s price will rise by $1.00 to $9.99.
According to the corporation, the new pricing are effective immediately for new members and will be phased in over time for existing members who will receive an e-mail reminder 30 days before their prices change, unless they modify their plan.
These increases will hit while the United States is suffering the worst inflation in 40 years, due in large part to the massive amounts of money creation (printing) by the Biden administration. It’s worth noting that Netflix’s senior executives are very close allies of Democrats, including Barack Obama who has a business deal with the streamer.
It’s also worth noting that Netflix’s top executives are among the highest-paid in the entertainment industry. Ted Sarandos, the company’s co-CEO, will be paid $40 million in 2022, while chairman and fellow co-CEO Reed Hastings will be paid $34 million. Both are major Democratic fundraisers, backing Joe Biden’s, Hillary Clinton’s, and Barack Obama’s presidential campaigns, as well as important California Democrats including Gov. Gavin Newsom (D).
Hastings gave the largest donation to the Stop The Republican Recall fund, giving $3 million to help Gov. Gavin Newsom (D) fight off a recall effort last year.
As a reward for the price increase announcements, Netflix’s stock rose more than 1% on Friday as a result of the price hikes.