The prices take effect Thursday for any new members signing up

By Robyn Merrett
October 29, 2020 08:19 PM
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The price to Netflix and chill just went up!

The streaming platform's standard plan — which offers HD streaming on up to two different devices simultaneously — will cost $13.99 up from $12.99. The service's premium plan — which provides up to four ultra HD streams — is now $17.99 up from $15.99.

There will be no change in price to the basic plan, which offers a single-streaming option.

The new prices take effect Thursday for any new members signing up. As for current members, users will receive a notification within the app 30 days ahead of the price increase. Timing will be based on the specific member's billing cycle and will be rolled out over the course of the next few months.

Netflix's Stranger Things
| Credit: Netflix

Explaining the update, a Netflix spokesperson tells PEOPLE it was done so that the streaming service can continue to "offer more variety of TV shows and films."

"We understand people have more entertainment choices than ever, and we're committed to delivering an even better experience for our members," the spokesperson says. "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 lineup."

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"As always we offer a range of plans so that people can pick a price that works for their budget."

The 2020 update comes after Netflix raised its subscription prices in 2019, marking the biggest price adjustment since Netflix launched streaming services in 2007.

Netflix saw an increase in subscribers this year as many sheltered in place amid the ongoing coronavirus pandemic. The streaming platform had added at least 26 million paid subscribers in the first two quarters of 2020, The Verge reported.

The brand is home to shows and films like Orange Is the New Black, Stranger Things, House of Cards, The Crown, Bird Box and recent additions Emily in Paris, The Queen's Gambit, Cobra Kai, Holidate and Hubie Halloween.