What's New On Netflix This Month? Higher Prices For Plans

You might notice something different on your Netflix bill starting next month. The company is raising prices for customers with the “Standard” and “Premium” service packages.

The new prices were listed on Netflix’s website as of Thursday and would be in effect for all new subscribers starting the same day. For current customers, the price hikes won’t go into effect until November and those subscribers will have at least 30-days notice before they see the new prices reflected on their bill. The company will start notifying customers about the price changes starting Oct. 19, Netflix told International Business Times. Subscribers will be notified by email and through a notification on the service.

The last time prices increased for the streaming services in the United States was in October 2015 and the process took more than a year to roll out to all customers. Rather than a slow roll out like last time Netflix is opting to change the prices for all users within a few months of the new price announcement. Unlike last time, loyal or long-time customers won’t get a price freeze period.

Netflix’s “Basic” plan will continue to cost users just $7.99, while the “Standard” and “Premium” plans saw increases of one dollar and two dollars, respectively. The site already shows the updated prices and what features each plan grants users. The prices and details on what each plan includes can be found online.

The streaming service began creating original shows and movies in the past few years like, “Stranger Things” and “The Crown” and revivals like “Fuller House.” Earlier this year the company announced it was deep in debt, partially from the money the company spent producing original content.

Netflix has several competitors in other streaming services like Hulu, that just grabbed a Golden Globe for best drama, that costs $7.99 a month with commercials. HBO is a more expensive competitor at $14.99 a month.

"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," said a statement Netflix provided to IBT.

When word of the new price increases got out some Twitter users expressed that they weren’t happy with the decision from the company. Some even said they would cancel their subscriptions once the new prices kicked in.

Some said they would rather not have access to the original content and keep the lower price offering.

While others thought it was a justified price jump.

But some were ok with the increase, and thought it was worth it for all the shows and movies Netflix has to offer.

The new price hike didn't seem to spook investors at all. The company's stock was up nearly four percent as of 2 p.m. EDT Thursday. Second quarter reports from Netflix said that the company had more then 103 million streaming subscribers worldwide and more than 51 million in the United States alone.