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Your Netflix subscription is about to get more expensive

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Mike Timmermann, Clark.com

If you’re a Netflix customer or are thinking about signing up, all of that binge-watching is going to cost you a little bit more every month!

Netflix has announced a price hike that will affect most of its 53 million U.S. subscribers, the Associated Press reports.

RELATED: Clark’s TV bundle will cut your cable or satellite bill in half!

Netflix price hike: What you need to know

The service’s website already lists the new prices. The “Standard” plan that lets users stream on two screens at once is now $10.99 per month, up from $9.99.

The price of the “Premium” plan is also going up, but the “Basic” plan remains unchanged.

  • Basic: $7.99/month (unchanged)
  • Standard: $10.99/month ($1 increase)
  • Premium: $13.99/month ($2 increase)

New Netflix prices

For new customers, the increased prices appear to be effective immediately.

Existing customers will begin to get email notifications about the price hike on October 19, according to the AP. They’ll have 30 days to accept the new rates, switch to a cheaper plan or cancel the service.

Why the increase? Netflix explained the move in a statement released to Mashable:

“From time to time, Netflix plans and pricing are adjusted as we add more exclusive TV shows and movies, introduce new product features and improve the overall Netflix experience to help members find something great to watch even faster.”

RELATED: This new tool negotiates with your cable and internet provider to lower your bill

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