Netflix announces price increases for all plans

LOS GATOS, Calif. (UPI) — Netflix announced Tuesday it is raising subscription prices for roughly 58 million customers in the United States and some 40 Latin American countries.

The changes are coming to all three of Netflix’s plans, increasing the price of its standard and most popular plan from $11 to $13 per month, NBC News reported. Standard plan users can stream shows in high-definition on two screens and download videos on two phones or tablets.

Netflix’s basic plan will increase from $8 to $9 while the cost of its premium plan will jump from $14 to $16 per month.

“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience,” Netflix said in a statement obtained by The Washington Post.

The price increases appear to be on par with Netflix’s current major competitors, as HBO offers streaming services for $15 per month while Amazon Prime Video charges $13 per month for those without a Prime membership.

The move comes five months after Disney announced</a> it was breaking with Netflix and starting its own streaming service sometime this year. The entertainment giant said in August it had already started removing its movies and shows from Netflix.

Disney had acquired a 33 percent stake in BAMTech, a marketing and streaming service, for $1 billion in 2016 and now is planning to buy a majority stake in the company for $1.58 billion to launch an ESPN streaming service.

Netflix stock jumped 6.6 percent on NASDAQ in trading up to early Tuesday afternoon on the news, to $355.12 per share.

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