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Netflix on Thursday raised the prices for its standard and premium video subscription services.
The company’s standard subscription service is now $14 monthly instead of $13, and its premium plan is now $18 instead of $16.
Subscribers to Netflix’s standard tiers are able to watch streams on up to two devices at the same time, whereas the premium subscribers are able to watch videos on up to four devices and in ultra high-definition.
Current Netflix subscribers will receive an email and notification via the Netflix app about the price change, which only affects U.S. subscribers.
Netflix last raised the prices in January 2019.
A Netflix spokesperson told Fortune in a statement, “We understand people have more entertainment choices than ever, and we’re committed to delivering an even better experience for our members.”
“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,” the spokesperson said. “As always we offer a range of plans so that people can pick a price that works best for their budget.”
The price increase comes after Netflix recently reported slower than expected user growth during its latest quarter. Although the company said that it added 2.2 million paid subscribers, analysts were expecting Netflix to add 3.3 million.
Investors are concerned that increased competition from new challengers like Disney+ and HBO Max will curtail growth.
But the company’s price increase seems to have pleased investors. Netflix shares jumped nearly 4% on Thursday to close at $504.21.
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