Netflix has announced that effective immediately, it's raising the price of its most popular plan to $9.99 per month, up from the previous monthly rate of $8.99. Existing customers don't have to worry about paying the higher subscription until October 2016, the company said. This plan allows two simultaneous streams for each customer and also includes high definition streaming; a cheaper non-HD $7.99/month plan will remain available. Netflix justifies the price jump by saying it's necessary to help the company "bring more great content to users."

For comparison's sake, Hulu now has two paid subscriptions: with ads for $7.99 per month, or an ad-free tier that costs $11.99.