The cheapest tier is standard definition and limited to one stream, and the middle tier is high-definition and lets you have up to two streams at once.
The streaming service space is certainly growing more crowded each day as numerous big-name content creators dive in for a piece of the Netflix streaming pie.
Netflix shares soared at Tuesday's opening bell, extending the video streaming giant's impressive January run.
"We don't believe that it will slow subscriber growth, as the new price points remain competitive relative to Netflix's volume of original and licensed content", Moody's senior vice president Neil Begley said in a note.
Netflix are raising the prices for subscriptions to its service by up to 18% for American subscribers, the biggest price hike since the company's streaming service began.
Those opting for the entry-level "Basic" plan will see the price rise from $7.99 per month to $8.99. A premium subscription, which doubles the number of screens that can watch at once and deliver Ultra HD video, will now cost $16 per month, up from $14.
New pricing will soon go into effect for new subscribers and roll out to existing members over the next three months according to the Associated Press. (The lowest Hulu tier includes ads at $8 per month.) Netflix still comes in under HBO's streaming price, which is $15 per month. The higher the price, the higher the price increase - you're already spending this might, right? Netflix lost 600,000 subscribers - about 2 percent of its total customers at the time - after that switch. As per The Verge, Netflix had "approximately 700 original shows in 2018 alone and is expected to develop more this year". "I protest! Amazon Prime is better than Netflix", said one user. Other than the successful original film "Bird Box" (though the viewing numbers are debatable), the only other original hits Netflix has produced since the Spacey-led vehicle are "Stranger Things" and "The Crown", both of which will be entering their third seasons this summer.
Netflix did not address this, but issued the statement: "We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience".
Consumers also have an increasing array of other streaming options. Reddit user SuchRush chose to ask a simple question: "How much could Netflix increase prices before you'd cancel?" Disney is also set to launch its Disney+ service later this year. Michael Pachter, a media analyst at Wedbush Securities, told NPR last month that Netflix's goal is "to be a major production company that makes compelling content that is available exclusively on Netflix".
The company burned through about $3 billion last year and is expecting to do so again this year. What's Netflix going to do with all that cash?