Netflix is raising the price of its standard plan from $8.99 to $9.99 as it moves to beef up its offerings, the company said today.
The change is effective immediately for new customers, while existing customers won’t get hit with the price hike till next year. The price increase is rolling out in the U.S., Canada and Latin America. European subscribers saw their prices go up in August.
The standard plan allows for streaming on two screens at the same time, and HD video. The cost of the other two subscription levels, $7.99 for one screen and $11.99 for four-screen streaming, plus ultra HD, are unchanged.
“To continue adding more TV shows and movies including many Netflix original titles, we are modestly raising the price for some new members,” a Netflix spokesman told the Wall Street Journal.
In its most recent earnings report, the Los Gatos company said it expected to spend $5 billion on global content in 2016.
Shares of Netflix are up more than 3.3 percent to $111.67.
Photo from Associated Press
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