Netflix has announced an immediate price hike for its subscription packages for new and existing customers.

The basic and standard plan will both increase by £1 a month to £6.99 and £10.99 respectively, while the premium tier will go up by £2 to £15.99.

The streaming giant has said that the price changes 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.

Netflix explain price hike for customers

A Netflix 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.”

In Ireland, the basic plan will increase by one euro and two euro for the Standard and Premium tiers, respectively.

The price change is immediate for all new members, while existing members will be notified by email 30 days before they come into effect, depending on their specific billing cycle.

The UK is Netflix’s biggest production hub outside the US and Canada, with a one billion dollar UK production budget in 2020.