Netflix is increasing the prices of two of its US subscription plans starting in November.
The pricing hike affects those in the middle and top tier plans in the US. Subscribers currently on the standard $9.99 plan will be charged $10.99. The price of the premium tier will increase two dollars, from $11.99 to $13.99. Those on the basic $7.99 are unaffected.
The increase in price comes as Netflix is rapidly increasing its investment in original content, including original series, documentaries, comedy specials, and original films, with the company’s most recent spending projection coming in at $7bn.
Netflix has faced customer backlash in the past over price hikes, and also has competition from the likes of HBO Now, Amazon Prime Video and Hulu, to contend with. Netflix’s standard plan still comes in cheaper than HBO Now’s $15 per month price and Hulu’s commercial-free plan at $11.99.
Netflix released the following statement: “From time to time, Netflix plans and pricing are adjusted as we add more exclusive TV shows and movies, introduce new product features and improve the overall Netflix experience to help members find something great to watch even faster.”