Published: Fri, October 06, 2017
Markets | By Terence Owen

Netflix is raising prices for its standard and premium tiers

Netflix is raising prices for its standard and premium tiers

Recode notes that the price bumps aren't much of a surprise as Netflix has been losing content from some studios like Fox, and is expected to spend $7 billion on content next year. The Premium Tier, which includes Ultra HD and up to 4 simultaneous streams, will go from $11.99 to $13.99.

NetflixNetflix will be raising prices for its U.S. subscribers starting on October 5, the company confirmed to Business Insider on Thursday. Netflix, pictured March 1, 2017, increased its prices to make way for exclusive content and new features. Still, even Netflix's new $10.99 standard tier is cheaper than HBO Now's $14.99 per month plan and Hulu's $11.99 commercial-free plan.

Netflix is raising its prices for the first time in two years.

One way to do that is by fleshing out its service, adding content and features, and then charging more in exchange - which appears to be exactly what Netflix is doing.

According to USA Today, the service's most popular plan will now cost $10.99 cents a month. The library continues to shrink, only a handful of their growing library of original content is considered "must-watch", so a price increase now seems like poor timing.

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Netflix said the increase is for new members in the USA, and it plans to start letting current members know about increases on October 19, at least 30 days before they can expect to see an increase.

Shares of the Silicon Valley-based company jumped more than four percent to $192.44 (R 2633.76) in trading following news of the relatively small price hike.

Netflix waited until just after the third quarter came to a close to roll out the new pricing, so this news won't have any bearing on Netflix's financial results in two weeks.

The next season of Stranger Things better be fucking awesome.

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