Netflix hikes prices of its standard, premium plans for new and existing members

The basic plan's pricing will remain the same

Netflix is hiking its prices for both current and new members.

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The streaming giant's standard plan will now cost $13.99, up from $12.99, while the premium plan is now $17.99, versus the previous $15.99, according to the streaming service's "help center."

The standard plan allows for two different devices to stream at the same time and the premium plan accommodates four.

Netflix will make no changes to the basic plan's pricing, which allows only one device to stream.

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New members who sign up for the platform will see the updated prices immediately, while current users will receive a notification 30 days ahead of the price increase. Current customers will likely see updated prices on their bill over the next two months.

Netflix is hiking its prices for both current and new members. (AP Photo/Jenny Kane, File)

"We understand people have more entertainment choices than ever, and we're committed to delivering an even better experience for our members," a Netflix spokesperson told CNET, "We're updating our prices so that we can continue to offer more variety of TV shows and films -- in addition to our great fall lineup. As always we offer a range of plans so that people can pick a price that works best for their budget."

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NFLXNETFLIX INC.490.70-0.66-0.13%

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In July of 2019, Netflix suffered a drop in U.S. subscribers -- 123,000 -- following a price hike announced the previous January. That marked the biggest price increase ever -- $2 per month for the standard plan, $1 for the basic -- since the company launched its streaming service more than a decade ago.

However, for all of 2019, Netflix finished the year with more than 26 million new subscribers around the world. As of July 2020, Netflix counted more than 190 million subscribers globally.

Netflix did not immediately respond to FOX Business' request for comment

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