Netflix will soon increase prices as streaming outlet continues to thrive

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In October 2015, Netflix last raised its prices for new members, and then embarked on a process of "un-grandfathering" existing customers into new prices.

The standard service, which allows customers to stream shows and movies in HD on up to two screens at once, is now priced at $10.99 monthly, up from $9.99.

Netflix's "Basic" plan will continue to cost users just $7.99, while the "Standard" and "Premium" plans saw increases of one dollar and two dollars, respectively.

The prices are expected to rise in November.

Many Netflix subscribers across the United States are going to be a little lighter in the wallet starting next month.

"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", the company said in a statement. Those who try to sign up today for Netflix will see the new, higher prices and not the old pricing. It may be no coincidence that the news comes shortly after Netflix seemingly took a mild blow when Disney chose to pull its library of Netflix items for its own streaming service.

The fare hikes go into effect for new US members today.

Shares of the Silicon Valley-based company jumped more than four percent to $192.44 (R 2633.76) in trading following news of the relatively small price hike. It's also a comparison to other streaming services such as HBO, $14.99 per month, and Hulu, $11.99 per month. Next year, Netflix will likely spend $7 billion, chief content officer Ted Sarandos said earlier this week at a Vanity Fair entertainment conference in Los Angeles.

Netflix is raising prices for subscribers in the United States and the United Kingdom.

Netflix and rival Amazon Prime have been pumping money into original shows to win fans and set themselves apart in an increasingly competitive bid for viewers' time.

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