The Netflix app is displayed alongside other streaming media services on the homepage of a Roku Streaming Stick. (Photo credit: Matthew Keys / Flickr Creative Commons)
Beginning in November, Netflix will raise its prices again for two of its tiers, according to Mashable. The $9.99 standard service will increase to $10.99 and the $11.99 premium service will jump to $13.99. Fortunately for those on the basic $7.99 plan with single-screen streaming, prices will remain the same (for now). Netflix plans to send out a notification on October 19th, and subscribers will be given at least 30 days warning before the price hike.
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Although Netflix executives did not discuss the matter in interviews, the company did release a statement to address the price increase: "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." With the higher prices, we're expecting Netflix to offer advanced, new features and more great content in the coming months.
The last time Netflix announced a price increase was in 2016 when prices for the standard service increased from $8.99 to $9.99 and the basic $7.99 plan and premium $11.99 plans were introduced. Even though prices aren't going to change for current subscribers until November, the new prices are already reflected on Netflix.
How do you feel about the price hike? How much are you willing to play for your Netflix subscription? We want to hear your thoughts in the comments below!