Netflix will begin sending 30-day notices of the price hikes on October 19. It upped the price of its top-tier plan, which allows ultra-high-definition video streaming on up to four screens at the same time, to $13.99 a month from $11.99. That increase saw the standard two streams, HD plan go up from $7.99 per month to its current $9.99 rate.
As Internet streaming services become increasingly popular amid continuing cord-cutting, Netflix and rival streamers Amazon and Hulu are aggressively spending to acquire new series from major Hollywood and worldwide suppliers, or produce their own original shows.
The price increase for Netflix is limited to their Standard and Premium plans. Netflix told Mashable that it occasionally raises prices in order to add more content and features to the platform. New subscribers are being hit with the new price point as of Thursday morning. The company has plans to spend $6 billion on content this year as it faces stepped-up streaming competition from Amazon Prime, Hulu and YouTube. The cost for its entry-level $7.99 service stays the same.
Well it looks like your Netflix bill will soon be just a little more expensive.
In a statement to the Daily News, Netflix's team stated that they occasionally up the cost of subscriptions as they add exclusive content.
The company remained committed to investing in original programming, saying it will release 40 feature productions this year ranging from "big-budget popcorn films to grassroots independent cinema".
Their new Standard plan, which featured HD, which had been offered to recent customers for $9 a month and older customers for $8, was being raised to $10.
A more gradual move in 2014 did not provoke the same outrage.
Stranger Things avoiding a sophomore slump in it's much- anticipated second season wouldn't hurt either.