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Netflix plans to raise prices as U.S. streaming subscribers grow

22
Apr
2014

By Lisa Richwine LOS ANGELES (Reuters) – Video streaming service Netflix Inc said it intends to raise the monthly subscription price for new customers by $1 or $2 a month to help the company buy more movies and TV shows and improve service for its 48 million global subscribers. Investors welcomed the announcement by Netflix, which had suffered from a consumer exodus and stock plunge after it announced an unpopular price increase in July 2011. Chief Executive Reed Hastings said Netflix had improved its selection of TV shows and movies and added original series like critically acclaimed Kevin Spacey thriller House of Cards. With added revenue from higher prices, we will be able to license much more content and deliver it in very high quality video, Hastings said on a webcast. Netflix has room to raise prices, FBN Securities analyst Shebly Seyrafi said, because theyre still seeing a lot of demand for the service.

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