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Netflix announces price hike — here's how much more you'll pay

Netflix subscribers will soon be paying a bit more for their favorite movies and TV shows.
/ Source: TODAY

Netflix subscribers, get ready to pay a little more to watch your favorite movies and TV shows.

The streaming service announced Tuesday it would raise its prices for its 58 million subscribers in the United States, NBC News reports.

The price hike will hit new customers immediately, while those already paying for one of the company's three streaming plans will see their fees inflate over the next three months.

All three of Netflix's plans — basic, standard and premium — will increase in price by $1-$2. The company's standard $11 plan will increase to $13 per month. Its $8 basic plan will soon cost $9, and its $14 premium plan will cost $16 a month.

“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience,” the company said Tuesday said in a statement.

The new subscription prices will help Netflix as it continues to spend billions on new and original content.

Netflix story
Netflix announced Tuesday it would raise its prices by $1-2 for subscribers in the United States. Shutterstock

The Economist reported last year that the company shelled out between $12 billion and $13 billion on original programming in 2018, releasing original films like "Bird Box" and "Roma" as well as new seasons of original TV shows like "Orange is the New Black."

This is Netflix's fourth — and biggest — price increase in the U.S. since the company launched it streaming service 12 years ago.