Netflix is one of the world’s most popular streaming services and is harnessed by users across the globe.
But today the streaming giant has declared it will raise prices by 13 percent to 18 percent in US markets.
Such a decision marks the biggest subscription fee increase since Netflix debuted its lauded service over a decade ago.
One of the firm’s subscription plans that allows users to stream on up to two different devices at once, that is by far one of its most popular, previously costed $11 but will now come in at $13-per-month.
However, it is worth noting despite the rise in charges, that plan in particular is still more affordable than the $15-per-month charged by rival service HBO.
Netflix’s cheapest subscription plan, that was previously $8-per-month, will now cost $9-per-month.
Finally, its most premium offering that allows customers to binge in 4K will come in at $16-per-month instead of $14-per-month.
Back in September Netflix emphasised it had a whopping 58million subscribers in the US, the only market the change has currently been announced for.
It is worth noting the increased charges will arrive for existing customers over the course of the next three months but will affect any new subscribers right now.
Today marks the fourth time Netflix has increased its subscription cost in the US.
The last hike came in 2017.
The added subscription price will surely help the firm invest in more original content.
Some of Netflix’s best original shows to date include House of Cards, Orange Is The New Black, Stranger Things and The Crown.
Commenting on the decision, the streaming service said: “We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience.”
It is understood in order to produce original shows, Netflix has borrowed large sums of money.
In fact, Netflix had almost $12billion in debts before it borrowed another $2billion more as part of a bond offering in October.
Although the pricing change is currently only affecting US customers, such a decision could transcend into other markets.
In the UK the cheapest subscription plan for Netflix costs £5.99-per-month.
However, this rises to as high as £9.99 for those that want to consume content in 4K resolutions where it is possible.