The streaming giant Netflix announced on Wednesday that it will be increasing the cost of its Basic and Premium plans in the US, UK, and France.

The Basic plan, which allows users to stream on one device at a time in standard definition, will now cost $11.99 per month, an increase of $2. The Premium plan, which allows users to stream on four devices at a time in ultra-high definition, will now cost $22.99 per month, an increase of $3.

“As we deliver more value to our members, we occasionally ask them to pay a bit more,” Netflix writes in its letter to shareholders. “Our starting price is extremely competitive with other streamers and at $6.99 per month in the US, for example, it’s much less than the average price of a single movie ticket.”

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Netflix’s ad-supported plan, which was launched in November 2022, will remain unchanged at $6.99 per month.

Netflix has said that the price increases are necessary to continue investing in new and original content. The company has also been facing increasing competition from other streaming services, such as Disney+, HBO Max, and Amazon Prime Video.

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