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Netflix plans price increase for subscribers

By Ed Adamczyk
Netflix plans price increase for subscribers
Reed Hastings, Netflix CEO announced the company added 5.59 million new subscribers in the fourth quarter of 2015. Photo by Molly Riley/UPI | License Photo

LOS GATOS, Calif., Jan. 20 (UPI) -- Netflix Inc. reported an increase in global customers of its streaming services and an expected price increase for customers.

In discussing the company's fourth-quarter growth Tuesday, Netflix CEO Reed Hastings said 5.59 million streaming subscribers were added in the time period.

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Netflix's worldwide customer base is now around 75 million. Another 6.1 million streaming customers were expected in the first quarter of 2016.

Plans to increase subscription costs, expected in the second or third quarter of 2016 and to include a $2 per month increase for standard service, were revealed Tuesday in a letter to investors. Some older Netflix customers are expected to be grandfathered into the existing monthly fee of $7.99.

Netflix has rising costs because of its entry into original programming. After premiering Beasts of No Nation last year, its first feature film, it intends to release more than 600 hours of programming in 2016, up from 450 hours in 2015.

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