Is your Netflix subscription about to get more expensive?

Kevin Spacey stars in one of Netflix's most popular original shows, House of Cards

VIDEO streaming service Netflix has increased its prices in an effort to "bring more great content to users”.

 

The video on-demand service recently bumped its subscription cost in the US.

New subscribers will now be charged $9.99 a month instead of $8.99 for Netflix's standard two screen tier.

The Basic and Premium subscription packages will remain the same price.

Existing US-based Netflix subscribers can continue to enjoy the two screen package for $8.99 per month for a year before the cost increases.

 



Netflix has decided to increase the price of streaming tier, luckily it's US only



Fortunately the $1 per month price hike is only hitting movie fans in the US and Canada, but the UK could follow soon.

The news comes hours after Paramount Pictures announced it would upload hundreds of timeless blockbusters on YouTube – for free.

Netflix claims the increase in subscription cost is going to help the US firm is generate more exclusive content.

An increase of $1 per month will reportedly generate an $750m a year in revenue for the streaming service.

This will help the video on-demand firm cover the cost of its ever-increasing portfolio of original shows, including House of Cards, Orange is the New Black, Daredevil and Narcos.

 

Narcos is the latest in a string of must-see Netflix original TV shows

 

The streaming firm claims the additional revenue will support its original programming

 

The US firm has a number of collaboration with Marvel Studio scheduled over the next year

In a statement, Netflix told US subscribers: “To continue adding more TV shows and movies including many Netflix original titles, we are modestly raising the price for some new members in the US, Canada and Latin America.

"As a thank you to existing Netflix members – who aren’t already benefiting from a previous price guarantee – we will maintain their current price for a year."

Netflix is facing increased competition from services such as Amazon Prime which charges just £8.99 per month and includes free delivery from Amazon.com.