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.
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.
