Yahoo Finance Netflix hikes prices for first time in two years
Streaming service Netflix has ramped up subscription costs across the UK and US for the first time in two years.
New customers signing up to the service will see the higher prices come into effect immediately, while existing customers will be notified of the change 30 days in advance, a BBC report said.
UK plans will rise 50p a month to £7.99, while the cost for a premium subscription for four simultaneous users will increase by £1 to £9.99 a month.
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Users who opt for a basic subscription without high definition viewing in the UK will not see their monthly price change.
In the US, the plan increases by $1 a month to $10.99, and by $2 a month to $13.99 for premium subscribers.
Some European countries, including Germany and France, will also see increased charges for using the service, a spokeswoman told the BBC.
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Shares of Netflix jumped 5.4 per cent after the company raised the monthly subscription fees for two of its three main U.S. plans by $1 and $2, respectively.
A Netflix spokeswoman said: “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.”
She added that more than 1,000 hours of original content was being added to the site in 2017.
The price change for existing customers will be rolled out in the next few months.
