Netflix is raising the price of its popular HD streaming plan

Existing customers then were told their rates wouldn’t change to the new price for two years.

The streaming service rolled out a similar increase across its European territories in August, increasing the cost of its standard plan by about a euro.

Those who are already paying $8.99 per month will retain that price for 12 months, according to Variety.

This plan allows the customer 2 simultaneous HD (or regular) streams at a time.

Wired reports that this is not the first Netflix price increase recently.

The company announced the news earlier today, causing a 6% rise in the value of its stock.

The price hike is effective immediately for new members.

Netflix further confirmed the price increase in a statement to TechCrunch, explaining its decision and offering more details on the grace period for existing subscribers. Hulu charges $7.99 for streaming with ads and $11.99 for ad-free streaming. Prices for its basic and premium tiers remain the same.

Netflix said Thursday it is raising the price of one of its Internet video service plans by $1 in the USA and several other countries to help cover its escalating costs for original programming, like its popular political drama. Raising the subscription price as they are doing could go a long way in funding more of these Netflix original films and television shows, and as long as they maintain high quality, it’s hard to complain.

Netflix has said it plans to finish its global expansion by the end of 2016, having recently added Australia, New Zealand and Japan this year.

Netflix is betting that most consumers are willing to pay an extra $1 a month to binge on “House of Cards” and “Orange is the New Black”.