Netflix subscribers, be warned: The streaming subscription service is set to raise its prices in the U.S. starting in November, with a statement from the company saying that the price increases are adjusted to add more exclusive TV shows and movies.
"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,” their statement reads, Mashable reports.
The good news? Price increases are affecting only middle and top tier plans. Standard service members will be charged $10.99 versus the $9.99 they’re already paying. Premium tier pricing will increase from $11.99 to $13.99.
In case you aren't sure what the difference between the Standard and Premium tiers are, we have you covered. The Standard plan lets you stream TV shows and movies from Netflix on two devices in HD—the Premium plan lets you stream on four.
The basic plan—which allows streaming on one device in standard definition—is keeping its $7.99 pricing for now.
Netflix says all subscribers will be notified at least 30 days in advance of their account’s increase, based on their billing cycle, USA Today reports.
But the increase only makes sense. According to Variety, Netflix is likely to spend $7 billion for original content creation next year.
What are your thoughts on the Netflix price increase? Let us know in the comments below!