Streaming giant Netflix is getting ready to raise the price on loyal subscribers according to a new report from The Hollywood Reporter.
The hike is part of Netflix’s effort to monetarily sustain its large rooster of current and upcoming blockbuster projects, which include A-list talent. It will also aid to keep them in the running to battle competitors, Hulu and Amazon Prime, along with planned streaming rollouts from NBCUniversal, Disney and WarnerMedia, according to the outlet.
“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience for the benefit of our members,” a Netflix spokesperson told the outlet.
2017 marked the last time Netflix imposed a hike on its subscription base.
So how much will it cost you to make it a “Netflix and chill” night? Streaming services operate on a three-tiered system. Netflix’s most popular plan which gives subscribers access on two Internet-connected devices at the same time will increase from $ 11 to $ 13. Single subscribers will see a price increase from $ 8 to $ 9, while a second four-subscriber plan which includes HD streaming, will rise from $ 14 to $ 16 per month.
The single subscription price will rise from $ 8 to $ 9, and the four-subscriber plan, which offers Ultra HD, will rise from $ 14 to $ 16 per month.
Netflix will inform subscribers through an email notification and will phase in new subscribers over a three-month period.
The company has enjoyed a solid rise of success after launching innovative streaming opportunities to watch your favorite series in one setting without having to wait for a weekly release. The news comes as Netflix enjoys a great Tuesday, as their stock saw a 6 percent increase.
BEST DEAL UPDATE: