Netflix shares rise as it lifts prices on US subscriptions

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Netflix shares rise as it lifts prices on US subscriptions

Thursday, October 29, 2020

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NEW YORK,United States(AFP) — Shares ofNetflixjumped Thursday after the streaming service raised prices in the US for two of its subscription offerings.

The new prices, listed on the company's website, increase the monthly price for its "standard" service by US$1 to US$13.99, and raised the "premium" service US$2 to US$17.99.

The products allow subscribers to view or download shows on more than one screen at the same time and provide high definition broadcast.

These features are not available on the "basic" streaming service, for which the price remained unchanged at US$8.99 a month.

Netflixdid not immediately respond to a request for comment.

The streaming service, which has been seen as a big winner during the coronavirus pandemic with more consumers at home, hinted that higher prices could be coming during an earnings conference call earlier this month.

Company officials said at the time thatNetflixhad resumed production for hit shows including "Stranger Things" and "The Witcher," as well as on an action film starring Gal Gadot, Dwayne Johnson, and Ryan Reynolds.

On Tuesday,Netflixannounced a deal with video game company Ubisoft to create shows based on its hit "Assassin's Creed" franchise.

Shares ofNetflixended the day at US$504.21, up 3.7 per cent.

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