Netflix, the streaming service, has increased subscription costs across the United States and the United Kingdom for the first time in two years.
New customers that are signing up to the service will observe the higher prices to immediately come into effect while existing customers will be informed of the change 30 days in advance, said a BBC report.
Plans in the United Kingdom will increase by 50p per month to £7.99, while the price for a premium subscription for four simultaneous users will rise by £1 to £9.99 per month.
Users who avail of a basic subscription without high definition viewing in the United Kingdom will not see their monthly price change.
In the United States, the plan rises by $1 per month to $10.99, and by $2 per month to $13.99 for premium subscribers.
Some European countries, including France and Germany, will also experience increased charges for using the service, a spokesperson informed the BBC.
Shares of Netflix grew by 5.4 percent after the company increased the monthly subscription fees for two of its three main U.S. plans by $1 and $2, respectively.
A Netflix spokesperson stated: “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 to help members find something great to watch even faster.”
She added that over 1,000 hours of original content was being included to the site in 2017.
In the next few months, the price change for existing customers will be rolled out.