The standard US plan increases by $1 to $10.99 per month for new subscribers — while existing customers will be moved to the new rate over the next several months. The company also increased the price for their premium “Family Plan” taking it from $11.99 a month to $13.99 a month. Netflix’s single-stream “basic” non-HD plan remains unchanged, at $7.99 per month. Netflix last raised prices in October 2015, when the two-stream plan increased from $7.99 to $9.99.
Shares in Netflix rose 5% in New York, bringing the stock’s gain this year to 56%.
Netflix continues spending big time on original programming such as Stranger Things and House of Cards. Netflix also promises 40 feature films this year ranging from “big-budget films to independent cinema”.
The price rises come as Netflix faces growing competition from Amazon and other sites such as Hulu.
The price changes will roll out to U.S. members over the course of the next several months, according to Netflix.