Bideninflation is streaming now on Netflix as the company has announced a new round of price hikes that will impact all domestic subscribers.
Netflix — whose top executives are closely allied with Democrats, including Barack Obama — announced Friday it will raise the price of its monthly subscriptions in the U.S. and Canada, with its premium plan rising from $17.99 to $19.99. The cost of the basic plan is going up $1 to $9.99, while the standard plan will increase from $13.99 to $15.49.
The new prices apply immediately to new members and will roll out gradually for all existing members who will receive an e-mail notification 30 days before their price changes, unless they change their plan, according to the company.
Netflix’s top executives are among the most lavishly paid in Hollywood.
Co-CEO Ted Sarandos is set to receive compensation of $40 million for 2022, while chairman and fellow co-CEO Reed Hastings will get $34 million. Both are among Hollywood’s biggest Democratic fundraisers, supporting the presidential campaigns of Joe Biden, Hillary Clinton, and Barack Obama, as well as prominent California politicians, including Gov. Gavin Newsom (D).
Hastings donated $3 million to help Gov. Newsom (D) fight off last year’s recall effort — the largest amount to the Stop The Republican Recall fund.
The price increases sent shares of Netflix up more than 1 percent on Friday.
As Breitbart News reported, Netflix lost nearly a half million domestic subscribers during the second quarter last year in a surprising consumer rebuke. The exodus reflected growing public disenchantment with woke content as well as Netflix’s rising prices and over-hyped titles.
Most of Netflix’s subscriber growth is coming from Asia as the U.S. market has been mostly tapped out. Subscriptions are the metric by which Wall Street judges Netflix’s financial outlook since they are the best indicator of future cash flow.
Netflix continues to have a production deal with former President Barack Obama and Michelle Obama. The former first couple have produced documentaries for the streamer — including the Oscar-winning American Factory — and are developing scripted dramatic series.