Oct. 29 (UPI) -- Netflix on Thursday raised prices on its standard and premium plans for customers in the United States.
The streaming media company raised the price of its standard plan $1 to $14 a month, while the price for a premium subscription will increase $2 to $18 per month. The cost of a basic plan remained unchanged at $9 a month.
"As always we offer a range of plans so that people can pick a price that works best for their budget," a Netflix representative said.
The new prices will take effect immediately for members newly signing up for the service, while existing members will be notified of the hike in their subscription cost and it will roll out in the coming months.
"We understand people have more entertainment choices than ever and we're committed to delivering an even better experience for our members," the representative said. "We're updating our prices so that we can continue to offer more variety of TV shows and films."
Netflix's price increase comes after the company reported slowing growth in new subscriptions and profits that fell short of expectations during its quarterly earnings report.
"The core model we have, and what we think really our responsibility and our job is, is to take the money that our members give us every month and invest that as judiciously and smartly as we can," Netflix CEO Greg Peters said on an earnings call.