Netflix set to raise its subscription prices again

Netflix content chief Ted Sarandos

In 2011, Netflix raised prices for some customers by as much as $6, causing more than 800,000 US subscribers to desert the service.

Netflix said it will give customers 30 days notice of the price raise, the timing of which will depend on their billing cycle.

The basic service, which enables Netflix streaming on once screen and doesn't allow for HD or ultra HD viewing, will remain at $7.99. The "premium" plan with four simultaneous streams and UHD/4K quality will go from $12 to $14.

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Even with the hike, Netflix's standard plan is still cheaper than HBO Now at $15 per month and Hulu's commercial-free plan at $11.99.

The good news? Price increases are affecting only middle and top tier plans.

Netflix has already started raising prices for new subscribers. The plans, which offer consumers HD and either 2 or 4 screens at a time to watch, will change to $10.99 and $13.99.

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It's the first time the company has raised prices in two years.

Following a subscriber growth miss in 2016, Netflix CEO Reed Hastings blamed the public reaction to the price hike.

Netflix is squeezing a bit more out of its customers. Meanwhile, it also increased its spending on original content to $6 billion just this year. If you go out to lunch at the same place every week and pay $10 for your meal but all of a sudden your meal costs $11, you're going to wonder why it's more expensive. That said, it's really not too surprising of a move for Netflix to make, as the streaming giant continues to accrue massive debts, mostly in service of producing more original content each year.

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Analysts said the company has a strong originals slate coming up on the fourth quarter - including "Stranger Things" season 2 (premiering October 27) and "The Crown" season 2 (Dec. 8) - which should minimize the impact of customers cancelling their service.

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