Netflix hikes price of HD plan

Netflix has raised the price of its standard price plan by $1, increasing the cost of its most popular streaming package from $8.99 to $9.99 per month, Bloomberg reported.

Called the Standard Plan, it lets subscribers stream content in high definition to two screens at the same time.

The price increase will initially only apply to new subscribers in the United States, Canada, and parts of Latin America, and follows a similar price hike in Europe earlier in 2015.

Existing subscribers will get a grace period before their subscription fees are increased.

“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.”

This latest price increase from Netflix follows reports that the streaming video service plans to gradually raise prices and migrate subscribers to more expensive packages in the coming years.

Netflix has confirmed plans to extend its service into South Africa before the end of 2016.

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Netflix hikes price of HD plan