Netflix today has raised its prices slightly for new customers for its standard and premium plans, while existing customers will start paying the higher prices in November.
[Update: Netflix will be raising prices internationally after all. The Sun reports the price hikes for UK customers, while French site Les Echoes reports €1 and €2 jumps for the standard and premium plans as well.]
Reported by Mashable, Netflix will be raising it’s standard plan from $9.99 to $10.99 and its premium plan will go from $11.99 to $13.99 for U.S. customers. The basic plan will remain at $7.99. Here is the company’s brief statement on the update.
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.
Recode notes that the price bumps aren’t much of a surprise as Netflix has been losing content from some studios like Fox, and is expected to spend $7 billion on content next year. The last price hike was back in 2014-2015, but the new standard plan price of $10.99 is still below Hulu’s (mostly) ad free option at $11.99.
As for investors, it seems they are pleased to see the price adjustment (for now). At the time of this writing, Netflix’s stock is up about 3% since the markets opened this morning.
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