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Netflix just raised the price of its most popular subscription plan from $8.99 to $9.99, according to Bloomberg's Lucas Shaw.
This change will affect new customers in the US, Canada, and portions of Latin America.
Current Netflix customers will be given a one-year grace period before this price change will affect them.
This plan allows the customer two simultaneous HD (or regular) streams at a time. Prices for other plans will remain unaffected, Bloomberg reports.
Netflix made a similar price increase in Europe this August, upping its standard plan by one euro (from €8.99 to €9.99 — or a bit over $11).
Netflix is in the midst of an aggressive worldwide expansion, potentially including China. Netflix has almost doubled its subscriber base in the last two years, and this fall is expanding into four new countries. It launched in Japan this September, a large market where more than 30 million households subscribe to cable, according to Nomura Research.
Netflix stock rose 3% immediately following news of the price hike.
Netflix provided this comment to Business Insider:
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. As a thank you to existing Netflix members — who aren’t already benefiting from a previous price guarantee — we will maintain their current price for a year.NOW WATCH: Watch Oculus announce the long-awaited virtual reality version of Netflix
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