Netflix is raising the prices of its middle and premium-tier plans for its US subscribers, the company said Thursday.
The streaming video service will raise the price of its most popular plan, the “standard plan”, which allows HD and two simultaneous streams, to $10.99 a month from $9.99.
The top-tier plan, which supports 4K video and four simultaneous streams, will increase to $13.99 a month from $11.99. The price of the lowest-tier plan will remain $7.99 a month.
The U.S.-only price hikes will apply immediately for new subscribers, begin to go into effect for current subscribers in November. Current subscribers will start being notified on October 19, and it will take effect in their next billing cycle.
Netflix released a statement regarding the price increases: “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.”
Shares of Netflix hit a new all-time high on news of the price hike. Stock analysts have speculated that Netflix would raise prices, as the costs of producing content increase. The company is expected to spend around $7 billion on programming next year.