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Netflix hikes monthly prices of some US streaming plans

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Netflix hikes monthly prices of some US streaming plans

Netflix Inc. is raising prices on some of its streaming plans in the U.S.

As first reported by Mashable.com, the company's $9.99 a month HD plan is increasing by $1 to $10.99, while the 4K streaming plan will jump by $2 to $13.99 a month. The changes were reflected Oct. 5 in a price page for new U.S. subscribers, who would begin paying for the service in November after a one-month free trial. Existing subscribers will have at least 30 days notice about the coming price increases, Mashable reported.

In a statement to media outlets, Netflix said it adjusts pricing "from time to time ... as we add more exclusive TV shows and movies, introduce new product features and improve the overall Netflix experience."

Netflix previously increased the price of its HD streaming plan to $9.99 from $8.99 in 2015.

At a conference in September, Netflix CFO David Wells said the streaming giant expects to spend $5 billion to $6 billion on content, adding that the company's chief content officer expects that figure to rise to $7 billion or more as Netflix continues to increase its global market share.

Shares of Netflix were trading up by nearly 4% as of 11:15 a.m. ET on Oct. 5.