Netflix has just announced an increase in plan prices. While the basic plan will remain at a monthly price of $7.99, the HD standard plan will jump from $12.99 to $13.99, with the premium plan jumping from $15.99 to $17.99.

“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 line up. As always we offer a range of plans so that people can pick a price that works best for their budget,” said a Netflix representative.

This logical move by the streaming giant follows success during the ongoing COVID-19 pandemic, which saw more than 25 million new users subscribe in the first half of 2020, slowing down to 3 million new subscriptions in the third quarter. The price increase announcement has also lead to a 5 percent increase in Netflix’s stock price, currently up 57 percent since the beginning of this year.