Netflix Announces Largest Price Increase In 12 Years

Netflix announced today that it will be increasing the price of his subscription rates anywhere from 13-18%, making it the company’s biggest price hike since they started their streaming business 12 years ago.

The new pricing will now be $13 per month for the most popular plan (HD Standard), up from $11 per month. The 4K Premium Plan will go from $14 to $16. The Basic Plan will go from $8 to $9. This new pricing is effective immediately for new customers and will be phased in over a three month period for existing customers.

The price hike comes as Netflix continues to increase spending on its original programming, and faces increased competition from Hulu (which charges $12 per month for their basic plan) and Amazon (which charges $13 per month for their basic plan, which includes other Amazon perks), and faces a big new competitor in NBCUniversal which announced that they will be launching a new streaming service. Apple, Disney, and WarnerMedia also will be launching new streaming services this year.