Netflix prices are increasing for UK customers
UK Netflix customers will have to pay more for their subscriptions, the streaming service has confirmed.
The costs of two of the tariffs on the streaming platform are set to increase in the next few weeks, rising as much as 20%.
The standard tariff, which allows you to stream TV shows and movies to two devices at the same time, was £7.99 but will now be £8.99.
The premium tariff, which lets you stream on four devices, will increase by £2 to £11.99.
The basic subscription is the only one that will stay the same. It currently costs £5.99 per month.
The last time the subscription charges increased was in October 2017. The latest changes follow similar increases in other countries, including the USA.
The streaming service has said that it has increased the cost "to reflect the significant investments we've made in new TV shows and films."
New members will have to pay the increased prices immediately, and the more expensive charges will be rolled out to existing customers over the next few weeks.
New shows on the way
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This comes as Netflix is set to release new seasons of some of its most popular TV shows.
Viewers in 2019 can expect to see the return of The Crown, Stranger Things and Black Mirror, alongside reliable big-hitters like Ozark, Glow and 13 Reasons Why.
However, the platform faces ever more rivalry in the sector, with Amazon, Apple, Disney, ITV and the BBC all having alternative popular streaming services, or plans to launch new ones in the near future.
This means that Netflix will potentially have to share more of the market, which is predicted to reach $125bn by 2025.
Netflix has around 10 million users in the UK and has invested hundreds of millions of pounds into UK content.
Rising competition in the market
But with competitors like Disney planning to remove all of its content from the service and offer it through its own channels instead, Netflix is set to lose major titles.
Disney will also have titles like Star Wars and the Marvel films available immediately from the launch of its service, which may draw customers to swap their subscriptions. In the US, the Disney subscription will cost $6.99 around half the price of some Netflix subscriptions.
Apple will present stiff competition, too, with its exclusive deals with the likes of HBO and Steven Spielberg. Another rival, Britbox - which will launch in the UK - will offer BBC and ITV shows.
Netflix is expected to respond by focussing on more of its original content, and this year increased its budget by 50% to $12bn a year.