Netflix recently announced its largest price spike since the launch of the streaming service 12 years ago, according to TVLine. Subscription rates are rising anywhere from 13 to 18 percent, effective immediately for new subscribers. Over the course of three months, rates will rise to the new rates for current subscribers.
Netflix’s Basic plan will rise to $9 from $8, the HD Standard to $13 from $11, and the 4K Premium Plan to $16 from $14, according to TVLine.
After the last price increase in late 2017, Netflix saw a decrease in subscribers. However, Netflix released a statement along with the current price increase announcement.
“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience.”
As far as competition goes, NBCUniversal, Disney, WarnerMedia and Apple all recently announced the launching of streaming services. Netflix also rivals Hulu and Amazon Prime, which charge $12 and $13 a month.