Your Netflix Bill Is About to Get More Expensive
The new rates go in effect later this month.
This story originally appeared on Money.com.
Netflix is offering something even scarier than the new Stranger Things season this October: higher prices for its most popular subscription plan.
The streaming behemoth will raise subscription prices for the middle and premium bundles by $1 and $2, respectively. The plans, which offer consumers HD and either 2 or 4 screens at a time to watch, will change to $10.99 and $13.99. The basic plan, which only lets users watch on one screen at a time and doesn’t offer HD, will remain the same price at $7.99.
The fare hikes go into effect for new U.S. members today. Existing members will be notified of the price increase on October 19 via e-mail and in-service notifications, a Netflix representative told MONEY. Members will have at least 30 days notice before price changes go into effect.
“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,” the company said in a statement.
The fare hike comes at a time when more and more Americans are cutting their cable subscriptions for streaming services.
Even after today’s price hike, Netflix’s $10.99 standard option is still an affordable option compared to competitor prices like HBO and Hulu. Hulu’s commercial free-option follows at $11.99 a month, and an HBO Now subscription goes for $15 a month. Amazon offers a cheap option at around $8.25 a month, but you get a fraction of the content compared to Netflix.