Netflix is hiking the price of its most popular plan by $1 per month.
The standard plan, which allows two viewers to simultaneously use the same subscription, is going from $8.99 to $9.99 a month, Bloomberg reports. It’s the second time in two years that the online streaming giant has bumped its subscription prices.
The price increase is effective immediately for new customers in the United States, Canada and parts of Latin America. But Netflix’s existing standard plan customers will continue to pay $8.99 per month for the next year before the price increase takes effect.
With more than 65 million streaming customers worldwide, California-based Netflix is the world’s dominant paid streaming video provider.
Netflix recently bumped up its subscription price in Europe by 1 euro, according to USA Today. Netflix said the additional money will allow the company to expand its film and TV offerings for subscribers.
“To continue adding more TV shows and movies including many Netflix original titles, we are modestly raising the price for some new members in the U.S., Canada and Latin America,” Netflix said in a statement.
Netflix anticipates spending about $5 billion in 2016 for original and acquired content, a number that’s expected to grow to $6 billion by 2018, USA Today said.
Netflix also offers a basic (one-screen) plan for $7.99 per month and a four-screen HD video plan for $11.99 per month. The pricing on those plans will remain the same.
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