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Netflix has announced that it is raising its prices across all its plans and the news have sent the company’s stock up 6.5 per cent as at Tuesday.

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The streaming giant’s cheapest basic plan will now cost $9, up from $8; its most popular HD standard plan will cost $13, up from $11; and its 4K premium plan will cost $16, up from $14.

The rate hikes constitute a jump of between 13 and 18 percent — the company’s biggest increase since launching its streaming service 12 years ago — and will take effect immediately for new customers. Existing subscribers will see the price increase on their bills over the next three months.

Customers in Latin American, the Caribbean and some other countries will also see the higher rates. Major international markets like Mexico and Brazil won’t be affected.

By Oluwatoyin Adeleye

Read also: Bird Box Had The Best First Week Of Any Netflix Original Movie

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