Netflix has bumped its subscription prices on all its streaming plans as it invests more in original contents.
Launched 12 years ago, the video streaming service has hiked its subscription fees over the years and this time it plans to do so in order to invest more in shows and movies so as to stand strong against competitions from other rival streaming services such as Hulu, Amazon and even from Apple, Disney and NBC who are also gearing up to enter the market.
The most popular Netflix plan which allows high definition viewing on two screens is up from $10.99 to $12.99 per month. The premium three-screen 4K/HDR plan will be $15.99, up from $13.99, and its cheapest non-HD single screen plan is $8.99 up from $7.99.
"We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience for the benefit of our members," Netflix told NPR
According to the Associated Press, the price hike has drawn a positive response from Wall Street, where Netflix's stock saw a 6.5% increase on Tuesday.
Netflix told NPR that the price increment will affect all consumers in the US, Latin America and the Caribbean, Uruguay, Barbado and Belize.