Netflix raising prices in biggest increase ever

Enjoy Netflix? It’s gonna cost you more. The streaming giant is increasing prices for customer anywhere from 13 percent to 18 percent. It will be the biggest jump in prices since the service began over a decade ago.

The service that most customers use will endure the largest jump rising to $13 per month from $11. That option offers high-definition streaming on up to two different internet-connected devices simultaneously. Even at the higher price, that plan is still a few dollars cheaper than HBO, whose streaming service charges $15 per month.

The extra cash will help to pay for Netflix’s huge investment in original shows and films and finance the heavy debt it has assumed to ward off rivals such as Amazon, Disney and AT&T.

This marks the fourth time that Netflix has raised its U.S. prices; the last hike came in late 2017. But this is the first time that higher prices will hit all 58 million U.S. subscribers, the number Netflix reported at the end of September.

Previously, Netflix had continued to offer a basic, $8-a-month streaming plan while raising rates on more comprehensive plans with better video quality and options to watch simultaneously on different devices.

This time, the price for the cheapest plan is going up to $9 per month. A premium plan offering ultra-high definition will jump to $16 per month from $14.

It’s not known if Netflix will use any of the money to produce more family-friendly shows such as the Chronicles of Narnia.