On Tuesday, the streaming service Netflix announced that it would be raising its monthly subscription rates by up to 18 percent.
Netflix’s most popular plan, the Standard tier that offers two high-definition streams, is increasing 18 percent, from $10.99 to $12.99 per month, while the Premium plan, which provides up to four Ultra HD streams, is increasing from $13.99 to $15.99 per month (up 14.3 percent).
And for the first time ever, the company is hiking the price of its Basic plan, which offers a single non-HD stream, from $7.99 to $8.99 per month (12.5 percent).
The price increases will be effective immediately for new subscribers, while existing subscribers will be moved to the new plans "over the next few months," the company told Variety.