Netflix is hiking up prices again. The streaming service will raise the monthly fee for two of its plans, it's standard and premium tiers, beginning next month.
Netflix's standard tier is rising by $1 to $13.99 a month, while its most expensive Premium tier will now cost $17.99 a month, an increase of $2 a month. The new prices will start with current customers' next billing cycle, while those who sign up after Oct. 29 will pay the higher fees.
The last time Netflix raised prices was in May 2019.
The standard plans allows subscribers to watch on two streams at a time, while the premium plan allows for four concurrent streams, plus the option to stream in 4K. Netflix's base plan, which costs $9, is unchanged. The base plan does not give HD access and only allows for one stream at a time.
Shortly after the announcement, Netflix's stock went up 5% on the NASDAQ, where it's trading around $508 per share right as the market is about to close Thursday.
The decision to raise prices comes 9 days after the streaming giant fell short of subscriber expectations for the third quarter, adding only 2.2 million new customers. The company had estimated it would add 2.5 million subscribers back in July, saying it expected growth to slow down after it had added about 26 million new subscribers during the first half of the year. Analysts had estimated the company would add somewhere between 3 and 3.3 million new subscribers.