NETFLIX will hike prices across all of its subscription packages, it has confirmed.
The streaming giant will increase the cost of its services by up to £24 a year.
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Its basic and standard plan prices will go up by £1 a month, to £6.99 and £10.99 respectively.
Customers will be charged an extra £2 for the premium package, which will now cost £15.99.
The price increase will be brought in immediately for new customers.
Existing members will be told about the changes at least 30 days before they are charged.
Netflix said the increase will allow it to “continue investing in best in class UK productions” and “offer a wide variety of curated quality shows and films” to customers.
A Netflix spokesperson said: “We have always been focused on providing our members both quality and clear value for their membership.
“Our updated prices reflect the investment we have made in our service and catalogue, and will allow us to continue making the series, documentaries and films our members love as well as investing in talent and the creative industry.
“We offer a range of plans so members can choose a price that works best for them.”
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The UK is Netflix’s biggest production hub outside the US and Canada, with a $1billion UK production budget in 2020.
The announcement makes the streaming platform the latest entertainment company to announce price increases.
Sky customers will also have to pay more this year, as up to £43 extra will be added to their annual bill.
The cost of a Disney+ subscription has jumped, with annual customers seeing their bills go up from £59.99 to £79.90 a year.
Can I cancel my Netflix subscription?
If you’re not happy with the price increase you might consider cancelling your Netflix subscription.
You can end your Netflix membership at any time and you won’t be charged any additional fees for leaving.
If you cancel within your billing period you’ll be able to use the streaming services until it comes to an end.
Customers who want to end their contract or switch to a cheaper package can do so on the Netflix website by logging into their account.
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