Netflix is raising the price of its popular HD streaming plan

netflix reed hastings

(Getty Images Latam )
Netflix is set to raise the price of its most popular subscription plan from $8.99 to $9.99,

according to Bloomberg.

This change will affect new customers in the US, Canada, and portions of Latin America.

Current Netflix customers will be given a one-year grace period before this price change will affect them, according to Bloomberg.

This plan allows the customer 2 simultaneous HD (or regular) streams at a time. Prices for other plans will remain unaffected, Bloomberg reports.

Netflix is in the midst of an aggressive worldwide expansion, potentially including China. Netflix has almost doubled its subscriber base in the last two years, and this fall is expanding into four new countries. Netflix launched in Japan this September, a large market where more than 30 million households subscribe to cable, according to Nomura Research.

Netflix provided this comment to Business Insider:

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 U.S., 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.

Developing...

NOW WATCH: The insanely successful and unorthodox life of Google founder Sergey Brin

More From Business Insider

• Teens and millennials are abandoning network TV
  

• Women are more attracted to men with these physical traits
  

• Netflix will save Hollywood from itself, according to Netflix