Netflix Raises Prices of Standard and Premium Plans

Netflix has raised pricing on two of its three subscription plans.

Its most popular Standard plan, which allows simultaneous high-def streams on two screens, has been increased $1 to $10.99 a month, while pricing for the Premium plan, which provides access to high-def and 4K Ultra HD streams on up to four screens, has been increased $2 to $13.99 a month.

The price of the Basic plan remains, which provides standard definition streaming on one screen, remains unchanged at $7.99 a month.

The new pricing is in effect now for new subscribers but Netflix said it will roll out the increase to existing subscribers over several months, starting October 19, and give them at least 30 days’ notice.

The last price hike was two years ago when the company raised the Standard plan from $8.99 to $9.99 a month.

Netflix has attributed the price hike to increased spending on original content — such as the hit show Stranger Things — which is expected to reach $6 billion in 2017 and $7 billion next year. The company also added a downloading feature for offline viewing last year.

"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," the company said in a statement.