Netflix to raise its prices

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Netflix is raising rates.

Netflix's most popular plan, Standard-which offers HD-quality streams and lets you watch on up to two devices at a time-is increasing $1 to $10.99 a month. The prices are already in effect for new sign-ups and will be rolling out to existing customers later this month, Netflix said.

The price increase for Netflix is limited to their Standard and Premium plans.

This will be the first U.S. price hike since 2014, when customers who'd been grandfathered in on the $7.99 Standard plan were asked to pay the same $9.99 as regular customers.

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The new prices will be phased in over several months. The previous price hike had a gradual implementation as well, with pre-existing subscribers seeing no change in their price for two years.

The price of the basic plan, which costs $7.99 monthly and delivers standard definition video to one screen, remains the same.

The higher pricing comes as the video streaming service spends heavily on original content and expanding outside the U.S. "I don't think we see it yet". They increased their spending budget to $6 billion this year, and chief content officer Ted Sarandos recently said it will likely go up to $7 billion next year. In the United Kingdom, it's going from £7.49 to £7.99 a month.

Netflix last hiked prices in 2014, which similarly was attributed to increased TV show and movie offerings. But increasingly the landscape of streaming TV is shifting; as Netflix goes more towards originals, Hulu is doubling down on its library. And they are yet to impact Netflix's stock price, which jumped by $8.20, or 4.5 percent, to $192.64 in mid-morning trading on the NASDAQ Exchange. As of the end of June, the company had about 52 million US streaming members. It bought the streaming rights to The Good Place, for example, guaranteeing a second season, and it has deals in place with the CW for its shows.

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