Netflix is the most popular streaming service and its growing library of original content consistently delivers. The service also comes at a very affordable price, but now you will have to shed out a few extra dollars a month as the company’s stock continues to rise.
According to a report from CNBC, the 4k premium plan will go from $14 to $16, the HD Standard Plan will bump two dollars from $11 to $13, and the Basic Plan will jump from $8 to $9.
The price hikes will go into effect immediately for new subscribers, while those who already have a plan in place will see the price increase take place over the course of the next few months. From CNBC:
The rate hikes constitute a jump of between 13 percent and 18 percent — the company’s biggest increase since launching its streaming service 12 years ago — and will take effect immediately for new customers. Existing subscribers will be see the price increase on their bills over the next three months.
The slight rise in subscription costs marks the biggest price hike since Netflix launched more than a decade ago.
Netflix last raised its prices at the end of 2017.
The price hike also comes at a time when Disney is set to launch its Disney+ service in a couple of months and NBCUniversal recently announced it will be launching its own streaming service in 2020.
With the increase in price, Netflix will put the money towards new original content while also financing the debt the company has taken on over the years.
According to the CNBC report, Netflix had a 10.7 percent growth among subscribers and now has 58 million subscribers inside of the United States and an additional 78 million subscribers outside of the country. Throughout the first few weeks of 2019, Netflix has seen its stocks gain by a whopping 30 percent.