In a statement, Netflix said that the price increases are necessary to improve their offerings. However, the "standard plan", which gives users HD and two simultaneous streams, the price will go up from $9.99 to $10.99 per month. Customers will be given at least 30 days notice of the price increase. Meanwhile the basic plan, which allows for one screen and SD viewing, will remain unchanged at $8 per month. The price change will roll out to members over the course of the next several months. Those previously signed up for the service would continue to pay $7.99 per month.
It's going to cost a little more each month to "Netflix & Chill". The company added that, since its last price increase in October 2015, Netflix has added a downloading feature and interactive content.
Netflix made the announcement earlier today that its standard streaming plan would be jumping from $9.99 per month to $10.99 a month.More news: United States rocker Tom Petty reported 'clinging to life'
Here is what you need to know about the increase. The company expects to spend almost $7 billion on content for its service next year, including movies, TV series and comedy specials. In the United Kingdom, it's going from £7.49 to £7.99 a month.
Netflix's latest price increases will roll out to USA subscribers over the next couple of months, and be fully in place in December.
Netflix hasn't had a major change in its pricing scheme since 2014.More news: Where to get McDonald's limited-edition Szechuan Sauce in central Pa.
"As we grow the membership base, we want to grow the current budget", Reed Hastings, Netflix's CEO, said at the Code Conference in May. The new rates, which are already on the service's sign-up page, go into effect in November.
The hike comes just as Netflix fans prepare for the hotly anticipated second season of Stranger Things.More news: Infotainment Systems Pose Distracted Driving Risks
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