Surprise! Netflix just got more expensive. The service’s most popular plan now costs $9.99. Existing customers will have a grace period, but the price is effectively immediately for new subscribers in U.S., Canada and parts of Latin America. Netflix quietly raised prices for Europeans in late August.
The price increase raises its Standard plan to $9.99 a month. This is the plan that streams high-def content and can support multiple streams at once.
This comes as Netflix is trying to expand its original programming. The service’s shows recently won four Emmys. But Amazon did better and won its first Emmy for “Transparent,” where Jeffrey Tambor won for lead actor in a comedy for his role in the critically beloved series.
Netflix has yet to officially notify its subscribers of the impending price increase. The company currently has over 65 million members worldwide, with 42 million in the U.S.
News of the price increase caused shares of Netflix to soar. The stock is now trading up on the day after seeing steep declines.
Netflix has confirmed the price hike to us with an official statement:
To continue adding more TV shows and movies including many Netflix original titles, we are modestly raising the price for some new members in the U.S., Canada and Latin America. As a thank you to existing Netflix members — who aren’t already benefiting from a previous price guarantee — we will maintain their current price for a year.