Netflix is raising prices for the fourth time in its history, but its offerings remain in line with the cost of competitors like Amazon Prime Video and Hulu.
Netflix has three pricing tiers, and costs will increase $1 to $2 for each plan. The price hike takes the cost for Netflix’s lowest cost plan from $8 per month to $9, the same as Amazon’s standalone Prime Video subscription. Netflix’s standard plan will cost $13 a month, up from $11, the same as the monthly cost for all of Amazon Prime. Netflix’s premium plan will rise from $14 per month to $16.
Last year, Amazon raised the annual price of Prime from $99 to $119 and the monthly cost to $13. The standalone Prime Video price did not rise.
Hulu offers a variety of streaming plans, starting as low as $8 per month. One of its more popular offerings, the version with no ads, costs $12 per month.
Netflix stock rose 6 percent on news of the pricing changes. Netflix is expected to share more when it reports its quarterly earnings Thursday.
The price increase comes as Netflix has been spending billions on content that has racked up awards and critical success. It expected to spend $8 billion on content in 2018. In October it took out $2 billion in additional debt.
All that spending has helped Netflix grow its subscriber base to 137 million globally at the end of the third quarter, including 58 million in the U.S.