Netflix (NASDAQ:NFLX) Canada is raising its prices – again.
The world’s largest streaming service says the cost for its basic plan in Canada remains unchanged at $9.99 a month, but the standard monthly plan is going up by one dollar to $14.99, and the cost for the company’s premium service is being increased by two dollars to $18.99 per month.
Netflix says it is implementing the price increases so that it "can invest more in films and shows as well as the quality of members' product experience."
The Silicon Valley-based company says new members who sign up will see the updated prices effective immediately. The new charges will roll out to existing members according to their billing cycle over the coming weeks.
Existing members will be notified about the change by email and the Netflix app 30 days before the new prices are applied to their individual account.
Netflix has raised its monthly subscription fee multiple times in recent years as it invests more heavily in content development. The company has said that it will spend $17 billion U.S. on producing original movies and television shows in 2020.
