Netflix raised its monthly prices for all of its plans in the U.S. and Canada on Friday, Reuters reported.
All plans are going up by $1 to $2 per month, with its basic plan rising from $9 to $9.99, its standard plan going up from $14 to $15.49 and its 4K plan rising from $18 to $19.99. While new subscribers will have to pay the higher prices, they will be rolled out gradually for new subscribers, with Netflix emailing current users 30 days in advance of the changes. Revenue earned from the price hike will help the streaming giant pay for new programming.
“We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options,” a Netflix spokesperson said to Reuters.
Following the announcement, the company's share prices rose 2.5%, from around $515 per share at 2:50 p.m. to a peak of nearly $536 per share 20 minutes later.