CALIFORNIA, U.S. - In what came as the company's biggest increase since being launched, Netflix has decided to hike prices across all streaming subscription tiers.
The decision, which will impact its subscribers in the U.S., will see prices being raised by 13 percent to 18 percent.
As part of the company's biggest increase since Netflix was launched 12 years back, its most popular plan - which simultaneously offers high-definition streaming on up to two different internet-connected devices - will witness the largest hike.
Prices for the plan are being hiked from $11 per month to $13.
Meanwhile, the price for Netflix's cheapest plan is shooting up to $9 per month.
Netflix said that a premium plan offering ultra-high definition will rise to $16 per month from $14.
According to the popular streaming service, the new prices will immediately affect all new subscribers, after which it will be rolled out to existing customers during the next three months.
Netflix added that its customers in about 40 Latin America countries, where bills are drawn out in U.S. currency, are also set to be affected.
However, Netflix subscribers in key international markets such as Mexico and Brazil will not face the hikes..
This is the fourth price hike by Netflix in the U.S., with the previous hike being introduced in late 2017.
However, this is the first time that higher prices will hit all 58 million Netflix subscribers in the U.S.
Yet, experts pointed out that the raised prices still make a Netflix subscription cheaper than HBO, which charges $15 per month for its streaming service.