The price of watching The Office reruns on a loop is about to go up.
Netflix announced this week that the price of their plans are set to increase across the board by 13 to 18 percent, its biggest increase since launching 12 years ago.
The most popular plan Netflix offers will increase in price from $11 to $13 per month. That plan offers HD streaming on up to two different devices at the same time. Even at the higher price, it's still cheaper than many other options on the market, including HBO, which charges $15 per month.
The most expensive plan Netflix offers (which includes 4K streaming and up to four simultaneous screens going at once), will go up from $14 to $16. Netflix's basic plan will also increase by $1 from $8 to $9.
The price hikes go into effect immediately for all new subscribers. Current subscribers will see the price increase over the next three months.
This is the fourth time Netflix has raised prices in the U.S. - which did so most recently in late 2017. The new pricing brings the streaming service closer in price to what their competitors currently offer.
The extra cash will be used by the company to continue their investment in original shows and films, several of which, including Stranger Things, BoJack Horseman and Orange is the New Black, have garnered critical acclaim. The streaming service is also paying big money to keep their back catalog healthy, like when they paid more than $100 million to keep all ten seasons of Friends on the service in 2018.
“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience,” the company said in a statement.
Of course, the price going up may encourage more people to share passwords and accounts - a practice that could be coming to an end thanks to some new software that was unveiled last week at the Consumer Electronics Show. The A.I.-based software uses "machine learning and behavioral analytics to identify, monitor and analyze credentials sharing activity across accounts," the company said in a statement.
Photo: Getty Images
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