Netflix to raise its prices in the US

Netflix is raising the prices on its standard and premium streaming subscriptions. The standard service, which allows streaming HD movies and shows on up to two screens at once will now be priced at $10.99 per month (up from $9.99). The premium service, which allows for viewing on up to four screens simultaneously, plus ultra HD access, will cost $13.99 (up grom $11.99). The basic service, which is limited to one screen and does not provide HD content, will remain at $7.99 per month.

The US-only price hikes will take effect starting October 19th, and will vary depending on individual billing cycles.

Netflix released a short statement regading the price increases: "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."

In recent interview with Variety, Netflix's chief content officer Ted Sarandos said the company plans to increase it's content spending from $1 billion in 2017 to $7 billion in 2018, which may be part of the company's justification for the price hikes, even though there is no official statement to that effect at this time.