For the first time in two years online streaming giant, Netflix, has raised its monthly subscription prices for UK customers.
The monthly cost of a basic will remain at £5.99, however, standard and premium membership prices are set to rise.
Standard membership will jump from £7.49 to £7.99 a month, and Premium membership set to rise from £8.99 to £9.99 for users.
New subscribers to Netflix will immediately pay the new rates whereas existing customers will see price increases from 19 October and be given 30 days notice of the change
New content for 2018
The online streaming service, which currently has 104 million subscribers globally, will also be raising rates for the US, France and Germany this year.
Netflix has released a statement regarding the price hikes:
“From time to time, Netflix plans and pricing are adjusted as we add more exclusive TV shows and movies, introduce new product features and improve the overall Netflix experience to help members find something great to watch even faster."
Netflix is set to provide more original content in 2018 and already has a budget of $6 billion for new productions.
The new money generated from the subscription price rises is expected to contribute towards the production of new original content.