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Illustration: Sarah Grillo/Axios

Netflix announced Thursday it will charge customers $14 for its standard monthly subscriber plan and $18 for the premium plan, the Verge reports.

The big picture: The business model behind Netflix's strategy is to accumulate as many users worldwide with as much original and licensed content as possible, and then hike the monthly subscription prices on those users once they are hooked.

  • The basic plan will remain $9 per month, per the Verge.

Between the lines: Some big entertainment companies are eyeing price hikes to make up for pandemic headwinds. Spotify hinted at its own cost increase in a Thursday earnings call and both companies gave modest Q4 guidance.

What they're saying: "We understand people have more entertainment choices than ever and we're committed to delivering an even better experience for our members," a Netflix spokesperson told CNET.

  • "We're updating our prices so that we can continue to offer more variety of TV shows and films — in addition to our great fall line up. As always we offer a range of plans so that people can pick a price that works best for their budget."

The bottom line: Generally speaking, streaming TV is getting more expensive, making it less of an affordable alternative to cable.

Editor's note: This story has been updated to reflect that Netflix's standard plan will increase by $1 and the premium plan will increase by $2.

Go deeper

Kendall Baker, author of Sports
Nov 17, 2020 - Sports

Actors Ryan Reynolds and Rob McElhenney buy a soccer team

Illustration: Annelise Capossela/Axios

Actors Ryan Reynolds and Rob McElhenney have teamed up to acquire fifth-division English soccer team, Wrexham AFC, one of the oldest clubs in the world.

Why it matters: The two actors have promised to invest at least $2.64 million and plan to use their own stardom — plus a documentary series — to promote the club globally and hopefully take it to new heights.

3 hours ago - Politics & Policy

Scoop: Yellen wants business to help foot infrastructure bill

Treasury Secretary Janet Yellen. Photo: Alex Wong/Getty Images

Treasury Secretary Janet Yellen is heading into the belly of the beast Tuesday and asking the business community to support President Biden's $2.3 trillion infrastructure plan during a speech to the U.S. Chamber of Commerce.

Why it matters: By trying to persuade a skeptical and targeted audience, Yellen is signaling the president’s commitment to raising corporate taxes to pay for his plan. Republican senators, critical to a potential bipartisan deal, oppose any corporate tax increase.

3 hours ago - World

Schumer's Israel vise

Sen. Chuck Schumer addresses the American Israel Public Affairs Committee in March 2014. Photo: Nicholas Kamm/AFP via Getty Images

Senate Majority Leader Chuck Schumer's longtime support for Israel puts him on a collision course with the progressive wing of his party as the conflict between Israel and Hamas worsens.

Why it matters: This is the toughest political position the New York Democrat has been in since becoming majority leader. The fighting in the Middle East is dividing his party — and creating a clear rift among its different wings.