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Netflix to increase prices in USTwo of the company's three plans see price hikes that will go live for everyone in the coming months.
Netflix is increasing prices. The standard plan which lots users watch Netflix in high definition on up to 2 screens will now cost $10.99 per month that's up by $1 the premium plan which includes 4k video and streaming up to four screens at one time will now cost $13.99. That's an increase of 2 dollars per month. The $7.99 basic plan stays the same. It lets you watch Netflix on one screen, but not in high definition. If you're already a Netflix member, expect an email notification from the company on October 19th. Will let you know if your plan will cost more. You'll have at least 30 days to change or cancel your plan or you could just accept your fate. The price change will roll out over the next several months. Back in 2014 Netflix announced its last price increase from $7.99 to 8.99 for its most popular plan. However, existing members were able to keep the lower rates Up until last year. The higher rates might help Netflix pay for content. Netflix said it will spend about $ 6 billion for content next year. The company will also be seeing increased competition in the streaming space. Disney plans of taking its content over to its own streaming service which is expected to launch in 1920. That service will house Star Wars, Marvel and Pixar films along with new original content. We'll have to see what kind of impact this increase will have on Netflix. For more coverage, visit cnet.com. I'm Iyaz Akhtar and I'll see you online.