Consumers who purchase Netflix’s basic $7.99 plan with remain unscathed.
At the time, the streaming giant said the increase would only affect new subscribers.
Reports indicate that the standard Netflix subscription, which is currently priced in at $9.99 per month is going to go up by a dollar and will now cost $10.99. Netflix says they will let current members know about the new rates on October 19, which would be at least 30 days before the new rates would take effect on their account. This makes sense, as Netflix has been investing more and more in creating original content to bring people over to its platform.
The second season of Stranger Things is set to launch later this month, but we also have some bad news to go along with it. Netflix has announced an increase in subscription prices for USA customers. New customers will pay the higher cost starting today. Netflix will be raising its prices so it can provide subscribers more exclusive content, according to Mashable.
In the United States, meanwhile, the standard price plan is going up $1 and the premium package will increase by $2.
Just last month T-Mobile launched a new promotion in which subscribers to its network would be entitled to free Netflix subscription.
Just a year ago, Netflix hiked the member rate for the standard HD plan to $9.99, a whole dollar increase from $8.99. The regular plan that is $7.99 a month, that only allows one-screen streaming in standard definition, will see no price change.
Netflix has increased their prices 60 percent since 2011. Will they lose customers over the price hike?
The higher pricing comes as the video streaming service spends heavily on getting original content and expanding outside the country.