On Thursday, Netflix raised its standard and premium plans to $13.99 and $17.99 per month, respectively. Prior to Thursday, those plans were priced at $12.99 and $15.00. The basic entry-level plan remains at $8.99 per month, the same price that was introduced last year.
This is the first increase since Netflix increased the cost of its service in January 2019. Netflix did not respond immediately to a request for comments as to whether the price increases will apply to existing customers and, if so, when the changes would come into effect. Shares of the company were up 5% on Thursday after the announcement.
The Netflix Standard Plan offers up to 1080p quality and allows people to watch on two screens at the same time. Its premium plan includes support for sharper 4 K and HDR resolutions and up to 4 screens at the same time. The basic plan supports 480p on the quality of a DVD.
Disney’s shares also increased by more than 3% in late trading, building on earnings earlier in the day.