Oct. 6 (UPI) -- Netflix will raise the price of its two most popular streaming plans this month to new and existing subscribers, according to reports.
The price of Netflix's two-screen streaming plan will increase from $9.99 to $10.99 per month and the company's four-screen "family plan" will jump $2 from $11.99 to $13.99 per month, reported Variety.
Netflix's 4K streaming video plan will also rise $2 to $13.99, while its one-screen plan will remain the same at $7.99.
Current subscribers will be notified 30 days in advance, according to USA Today.
"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," the company said in a statement. The price increases come at a time when Netflix is spending big money to produce new content.
This year, the company has is spending $6 billion and has plans to raise that amount to $7 billion next year.
the company says its strategy is to concentrate on getting bigger by acquiring more content and increasing its brand around the world rather than profits for the time being.
Thursday morning, Netflix shares hit a new all-time high of $192.80 per share.
