Netflix Inc. has confirmed it is testing a new higher tier called "Ultra" to selected customers in Europe, Telecompaper reported, citing Tutto Android.

The Ultra plan, which reportedly costs €16.99 per month, will enable users to simultaneously stream content on up to four devices. It also supports Ultra HD and high dynamic range content as well as high-definition audio.

The new subscription tier adds to Netflix's existing €7.99 Basic, €10.99 Standard and €13.99 Premium monthly plans. The streaming giant increased the Standard tier's rate by €1 from the previous $9.99, while Premium users began paying €2 more than the previous rate of €11.99.

The recent rate increases came as Netflix unveiled plans to spend about $8 billion on content in 2018, with about $1 billion to be invested in producing original content in Europe.