Netflix is raising the price of its most popular plan
Netflix is raising its prices for the first time in two years, increasing the cost of its most popular plan by $1 to $10.99 monthly.
Subscribers of the $11.99 premium plan, which bumps the number of simultaneous screens up to 4 from 2 (as in the standard plan) and provides 4K video, will see an increase of $2 to $13.99.
The price of the basic plan, which costs $7.99 monthly and delivers standard definition video to one screen, remains the same.
Netflix has begun raising prices for new U.S. subscribers and will begin increasing prices for current subscribers on Oct. 19. The price increases take effect over the next several months, Netflix says, with all subscribers will be notified at least 30 days in advance, based on their billing cycle.
In a statement, the streaming provider said, "From time to time, Netflix plans and pricing are adjusted as we add more exclusive TV shows and movies, introduce new product features and improve the overall Netflix experience to help members find something great to watch even faster."
Since Netflix’s last price increase in October 2015, its U.S. subscriber base has grown from 44.7 million to an expected 52.7 million at the end of September.
The Net TV leader has also added a downloading feature for offline viewing, and has increased its spending on original content to $6 billion this year. Next year, Netflix will likely spend $7 billion, chief content officer Ted Sarandos said earlier this week at a Vanity Fair entertainment conference in Los Angeles.