Netflix to hike price to $9.99/month

The company has $4.3 billion in programming costs over the next year, and nearly $5 billion more for the following three years. You can still get the basic Netflix plan (which lacks HD and limits users to one screen) for $8 per month, as well as the Premium plan with four screens at a time for $12 per month.

The $8.99 monthly plan that lets subscribers have two concurrent high-definition video streams will now cost $9.99 monthly.

Netflix has yet to officially notify its subscribers of the impending price increase.

Current Netflix customers will be given an unspecified grace period before this price change will affect them, according to Bloomberg.

Bloomberg Business first reported the price hike, based on a report from a source familiar with the plan. Existing customers don’t have to worry about paying the higher subscription until October 2016, the company said. “As a thank you to existing Netflix members – who aren’t already benefiting from a previous price guarantee – we will maintain their current price for a year”, the spokeswoman said in an email to Mashable.