(New subscribers will begin at the higher price point starting immediately.) It's the fourth time the company has raised its prices, and the largest increase overall since Netflix began its streaming service in 2007.
It is worth noting the increased charges will arrive for existing customers over the course of the next three months but will affect any new subscribers right now. The last time Netflix increased its prices was in late 2017.
Anyone who signs up for the streaming service will be charged the new rates.
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While all Netflix users will spend just a few dollars more per month, that may be enough to prompt some to cancel their subscriptions.
Netflix is increasing the price of its subscription plans in the US. The price increase also comes as the streaming service is nearly certainly about to land its first Best Picture Oscar nomination for Alfonso Cuarón's Roma, which is also in line to win a number of Oscars next month.
And while Netflix says it doesn't influence United Kingdom pricing, it doesn't take much to imagine British customers will see something similar before too long. The 4K Premium plan is also going up in price, to $16 from $14. The company, which operates virtually around the world except China, didn't specify any plan for increases in other big markets in Europe or Asia.
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The publication reports that Netflix will use the extra money to fund the service's "huge investment in original shows and films and finance the heavy debt it has assumed to ward off rivals such as Amazon, Disney and AT&T". According to AdWeek, Netflix spent $8 billion on content in 2018 and plans to spend even more this year.
But the success of "Bird Box" has Wall Street bullish on the company.
The boost in revenue from the price increases could help "ease concerns" for investors about Netflix's growing free-cash-flow deficit, CFRA Research analyst Tuna Amobi wrote in a research note reiterating a "buy" rating on the stock.
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