Netflix on Tuesday announced its largest price hike since launching its streaming business 12 years ago, upping subscription rates anywhere from 13 to 18 percent.
Effective immediately for newbies and being phased in over three months for current subscribers, the service’s most popular plan, HD Standard, will now run $13 a month, up from $11. The 4K Premium Plan is rising from $14 to $16 a month, while the Basic plan is inching up from $8 to $9 a month.
Regarding its first price increase since late 2017, the company said in a statement, “We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience.”
The streaming giant’s chief rivals, Hulu and Amazon, respectively charge $12 and $13 per month (with the latter including free shipping as part of its Prime package).
Netflix’s price hike comes on the heels of NBCUniversal announcing that it is entering the streaming game, while Disney, Apple and WarnerMedia all have digital services launching in 2019.