Stranger Things

Netflix

The Upside Down is here to swallow your wallet. Netflix has announced its largest subscription price hike since its streaming business launched a dozen years ago.

The service’s most popular plan, HD Standard, will now cost $13 a month, up from $11. The 4K Premium Plan is rising from $14 to $16 a month, while the Basic plan will now cost a dollar more at $9 a month.

“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience," the company said in a statement.

The new subscription fees will go into effect immediately for new U.S. customers. Existing subscribers will be notified about the pending price hike via email and will see their increases phased in over three months.

Netflix's rivals, Amazon and Hulu, cost $13 and $12 a month respectively (and the former includes free shipping as part of Prime).

The increased revenue will help arm Netflix's continued quest to produce and house a huge quantity of quality content, from existing library titles to new series and movies in the vein of hits like "Stranger Things," "To All the Boys I Loved Before," and "Roma."