Netflix is raising its subscription prices

On Thursday, Netflix introduced new prices for its monthly subscription plans in the United States.

The standard plan, which allows for two screens to stream at the same time, will now cost $14 a month, while the premium subscription, allowing four screens, will cost $18 a month — a $1 and $2 increase from previous prices, respectively.

The basic plan will remain at $9 per month.The price hike comes at a time when the company has more competition than ever before. With alternative streaming services and entertainment choices — such as DisneyPlus, HBOMax, YouTube Premium, and even TikTok — made more widely available, Netflix is aiming to remain a key option for subscribers.

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“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a Netflix spokesperson said. “We’re updating our prices so that we can continue to offer more variety of TV shows and films — in addition to our great fall line up.”

The company notes that they are offering a range of plans so that people are able to select a price that works best for their budget.

While current subscribers will see the new prices roll out over the next couple weeks, new subscribers will have to pay the updated fees starting Oct. 29.