Netflix is raising its prices

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Starting yesterday, the $9.99 monthly plan, which allows subscribers to use Netflix on two devices at the same time, is being hiked to $10.99 for a 10% increase.

Netflix has also had a mixed history of price increases.

UBS analyst Doug Mitchelson said the timing of the price increase coincides with what his firm expects will be a strong fourth quarter content slate that could help minimize churn.

In order to set themselves apart from the competition, streaming services like Netflix are heavily investing in original content.

Reportedly, the price increases were due to the service adding more original content, along with introducing new product features and improvements.

Shares of Netflix hit a new all-time high on news of the price hikes, climbing more than 4% and peaking at $192.80 per share in Thursday morning trading.

The price changes will roll out to US members over the course of the next several months, according to Netflix.

The basic service, which enables Netflix streaming on one screen and doesn't allow for HD or ultra HD viewing, will remain at $7.99. It depends if you are a current subscriber or a new subscriber. USA users should expect their prices to go up in November, and a notification will go out via e-mail October 19. It's also raising the price of its four screens plan from $11.99 to $13.99.

Netflix's price increases always spark controversy and complaints. The company's chief content officer Ted Sarandos recently confirmed that Netflix will spend $7 billion on content next year alone. But don't think we didn't notice, Netflix.

With its price increase, Netflix will charge more on a per-month basis than similar plans offered by either Hulu or Amazon. So there's that, T-Mobile's Netflix On Us promotion will still be available even with Netflix's prices increasing.

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