Netflix raises its rates

By Andrea Hinds

If you’re a Netflix subscriber, you will see a slight increase in your monthly bill soon.

Netflix is raising its rates on all of its plans for U.S. subscribers. The cheapest basic plan will cost $9, up from $8; its most popular HD standard plan will cost $13, up from $11; and its 4K premium plan will cost $16, up from $14, reports CNBC.

This is the company’s biggest increase since launching its streaming service 12 years ago. The last rate increase came in October 2017.

The rate increase goes towards Netflix’s continued effort to churn out original movie and T.V. series, as well as the cost to have popular content available for streaming. Netflix has committed to spending over $18.6 billion on content, reports the New York Times. In fact, Netflix will pay approximately $100 million to keep “Friends” on the service through the year, adds New York Times.

The rate increase goes into effect immediately for new customers and will start in about three months for old customers.