Netflix has announced it will be increasing the prices of all its subscription packages.
The streaming giant is hiking the cost of its basic, standard and premium plans, meaning customers will have to pay up to £24 extra per year for its services.
The basic and standard subscription plans will both increase by £1 per month.
This will increase the price of these packages to £6.99 and £10.99 respectively, costing subscribers an extra £12 per year.
The premium subscription tier will go up by £2 to £15.99, costing customers who subscribe to this plan an additional £24 annually.
In Ireland, the basic plan will increase by one euro and two euros for the Standard and Premium tiers, respectively.
Netflix has said it is increasing the price of its subscription packages for both new and existing customers.
The price change is immediate for all new members, the streaming giant said.
Those who are existing members will be notified by email 30 days before the change comes into effect, depending on their specific billing cycle.
Netflix said the hike in costs will allow it to “continue investing in best in class UK productions” and “offer a wide variety of curated quality shows and films” to customers.
A spokesperson said: “We have always been focused on providing our members both quality and clear value for their membership.
“Our updated prices reflect the investment we have made in our service and catalogue, and will allow us to continue making the series, documentaries and films our members love as well as investing in talent and the creative industry.
“We offer a range of plans so members can choose a price that works best for them.”
The UK is Netflix’s biggest production hub outside the US and Canada, with a one billion dollar UK production budget in 2020.
The announcement makes Netflix the latest entertainment company to increase its prices.
Sky customers will have to pay up to £43 more this year as bills go up, while annual Disney Plus subscribers will see costs rise from £59.99 to £79.90 per year.
Netflix members who are not happy with the price increase can cancel their subscription.
It is possible to end your subscription at any time and you will not be charged any additional fees for leaving.
If you cancel within your billing period, you will be able to continue using the streaming service until it comes to an end.
It is also possible to switch to a cheaper subscription package by logging into your account on the Netflix website.