Netflix is raising the prices of its standard and premium plans to finance its continued spending on original content.
4K to get more expensive
The basic subscription plan that includes SD will remain unchanged but the standard HD plan will increase from $9.99 to $10.99 per month in the US. In the UK, it will increase from £7.50 per month to £8.
It will also become more expensive to watch Netflix in 4K HDR and Dolby Atmos. The premium plan will go up from $11.99 to $13.99 in the US and from £9 to £10 in the UK. The news was first reported by Mashable.
Netflix says that it is raising prices to finance original content. The company kicked off the show with TV series such as House of Cards and later moved into documentaries, comedy, and most recently movies. The company is planning to spend $7 billion dollars on content (original and licensed) next year.
The new prices will take effect in customers’ next billing cycle. Customers will be notified starting on October 19, according to Mashable.
The last time that Netflix raised its prices in the US was in late 2015. Back then, it took a soft approach by gradually raising the price of customers’ subscription plan, depending on when they had signed up.