You may want to sit down for this news: the financial toll of a good Netflix-and-chill session has officially increased by 10 percent... or, in other words, by a dollar. The popular streaming platform has announced that it will raise the monthly price of its most popular streaming plan in the U.S, per Variety. The HD plan that allows Netflix to be streamed on two devices at once will now cost $10.99 per month (that’s up $1 from the previous price of $9.99). New customers will immediately be presented with the new prices while existing customers will be moved to the new pricing plan over the next few months.
The price of Netflix’s family plan, which offers some content in Ultra HD 4K and streaming on four screens, has also gone up to $13.99 from $11.99. However, Netflix's "basic" non-HD plan will remain at the same price of $7.99 per month.
While the news might not have most subscribers jumping for joy, it did result in an all-time high of Netflix shares, suggesting that this won’t be the last time prices rise for the streaming platform. The last time Netflix upped its prices was in October 2015, when the two-device streaming plan increased from $7.99 to $9.99.
New Netflix members will deal with the higher pricing starting Oct. 5, while existing members will be notified on Oct. 19 about the new pricing set to take effect. Netflix has pledged to let current subscribers know about the price hike at least 30 days in advance based on their billing cycle, so the changes will gradually roll out over the next few months.
