Netflix raises prices for 58M US subscribers

Credit: DaytonDailyNews

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Inside Netflix

Credit: DaytonDailyNews

Video streaming service Netflix is raising its subscription prices for all of its 58 million subscribers in the U.S.

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All three of the company's plans will raise by $1 to $2, CNN reported. The $11 per month plan -- the most popular -- will increase to $13.

The price increases will take effect over the next three months. New members will be charged the new price immediately.

The extra money will go toward original programming and finance debt the company has taken on to contend with rivals like Amazon and Disney, The Associated Press reported.

Netflix has increased prices before, and last did so in late 2017. This is the first time, however, prices will be raised on all memberships, according to the AP. The company used to continuously offer a basic, $8-per-month plan while raising rates on plans that offered better streaming quality and the ability to watch simultaneously on multiple devices.

That basic plan will now be $9 per month. A premium plan that offers ultra-high definition video will go from $14 per month to $16.

Some Latin American countries where Netflix bills in U.S. currency, such as Mexico and Brazil, will also be affected, the AP reported.