Netflix announces its biggest price increase yet

Netflix Is Raising Prices Here's What You Need To Know

Plenty of Netflix users and cord-cutters opt to pay for multiple streaming services instead of regular cable, but mounting subscription prices add up and can end up being the same. The basic single-screen SD plan has remained at $8 through past price hikes, but this time it's going up to $9. The wildly popular streaming service is increasing the price on it plans as content costs continue to soar and competition from Disney and others intensifies.

Today marks the fourth time Netflix has increased its subscription cost in the US. Existing customers will reportedly see their bills increase during the next three months.

Those countries include countries in Latin America and the Caribbean such as Uruguay, Barbados and Belize, where the firm also sets prices in dollars.

US subscribers will see their monthly rates climb by 13 percent to 18 percent - that largest increase since Netflix launched its streaming service more than a decade ago, EW has confirmed. Wall Street welcomed news about the rate increases, with Netflix shares rising more than 6 percent to around $355 in trading midday Tuesday. Netflix has continued to invest in original programming over the past few years, going away from the licensed IP model it had towards the beginning.

This will impact the existing 58 million U.S. users and any future subscribers. There's no word on United Kingdom or European price changes as yet.

This has happened in the past as well whenever Netflix raises its prices. Netflix's shares went up 5.9% after the announcement was made. 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.

Speaking to his 6 million+ followers shortly after the announcement, T-Mobile CEO John Legere confirmed that the carrier's Netflix On Us promo would continue to cover the extra cost "for now". Walt Disney is gearing up to launch a streaming channel this year.

The streaming service space is certainly growing more crowded each day as numerous big-name content creators dive in for a piece of the Netflix streaming pie.

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