Netflix Raises Prices, Premium 4K Plan Now Costs $18 Per Month

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The cheapest plan, which only allows for one simultaneous stream and doesn't include HD programming, remains at $9 per month.

The new prices are effective immediately.

Streaming video service Netflix Inc on Thursday raised monthly charges in the United States for its standard and premium subscription plans, a move that sent the company's shares climbing almost 5%.

The Basic tier offers streaming on a single device in SD, while their Standard tier offers HD streaming on two devices, and their Premium tier offers 4K streaming on up to 4 devices.

"We're updating our prices so that we can continue to offer more variety of TV shows and films - in addition to our great fall line up", Netflix said in a statement.

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Netflix's share price rose 5.24% on the new pricing, reaching an intraday high of $510.29 as of 3:30 p.m. "Timing will be based on the specific member's billing cycle and will be rolled out over the course of the next two months". The company expected to add 2.5 million subscribers and instead added 2.2 million.

There are so many streaming services in play nowadays that most people have to make choices about which ones they can afford to subscribe to, and the COVID-19 pandemic definitely isn't helping in that regard.

It's been nearly two years since Netflix last increased subscription prices, but with so much new content to indulge in, including the recent release of Enola Holmes, Hubie Halloween, and The Witches, it was always a matter of if, not when, a price hike occurred. "The U.S. and Canada accounts for almost 73.1 million of its 195 million global subscribers".

"We do an assessment", said Netflix Chief Product Officer Gregory Peters.

But given that "the number of original productions that we're doing is increasing...if we do that then we feel like there is that opportunity to occasionally go back to our members where we've delivered that that extra value in those countries to pay a little bit more".

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