Netflix is increasing the price of its streaming plans for customers in the United States. Netflix's basic plan, which does not include HD streaming and limits users to a single screen, will increase by $1 from $8.99 per month to $9.99.
The standard plan, which allows users to stream on two screens in high definition, will now cost $15.49 per month, up from $13.99. The premium plan, which includes 4K streaming and allows up to four people to watch at a time, will rise to $19.99 per month, an increase of $2.
The new rates will take effect immediately for new subscribers. Existing subscribers be notified in-app and via email about the price increase, which should be reflected in their next bill.
The last time Netflix increased its prices was in October 2020.
"We understand people have more entertainment choices than ever, and we're committed to delivering an even better experience for our members," a Netflix spokesperson told Reuters.
"We're updating our prices so that we can continue to offer a wide variety of quality entertainment options. As always, we offer a range of plans so members can pick a price that works for their budget," the spokesperson added.
The price hike comes as the streaming company prepares to release its quarterly earnings report next week. Analysts are expecting Netflix to announce it added an additional 8.5 million subscribers from October through December.