Your Netflix subscription is about to get more expensive.
The popular streaming service announced they plan on raising prices across all their U.S. plans on Tuesday, and for existing users over the next three months.
Netflix’s most popular plan, previously $10.99 a month for two HD streams, will rise to $12.99. The cheapest $7.99 non-HD plan will now be $8.99, while the premium option hat allowed four simultaneous streams in 4K would increase to $15.99 per month from $13.99.
Netflix is raising prices to pay for their original programming. It was reported last year that the streaming platform was spending around $12 to $13 billion on original programming in 2018. Netflix released favorite films including Bird Box, which was a significant hit causing the #BirdBoxChallenge to go viral.
“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,” a Netflix spokesperson said in a statement to USA TODAY.
The company plans to notify existing users by email and in the app of the price increase. Tuesday’s price increase is the fourth time the streaming platform has increased prices in the United States. The last price increase was in 2017.
Last September, the company said it had 58 million U.S. subscribers. The decision comes amid growing competition. AT&T plans to launch a streaming service in 2019. Disney is in the process of acquiring 21st Century Fox’s movie and TV studios.
Disney has already begun removing some of their content from Netflix in anticipation for the new Disney+ service.
Apple is already working on their original programs including Amazing Stories, which is now filming in Atlanta, Georgia.
Amazon is working on Prime Video as part of their $119 per year Prime offering while HBO charges $14.99 per month for their HBO Now streaming service. Hulu offers two plans, a $7.99 per month option, which has ads, and an $11.99 per month plan that is commercial-free.
Netflix’s stock rose over the news.
How does this impact the film industry?
While there may be pushback against the rise in Netflix prices, this is great news for the film industry. Netflix has announced a plan to increase the amount of money they spend on new original TV shows and movies. As a result, this means more job opportunities for those working in the film industry.
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