Netflix Stock Breaks Out As Internet TV Network Reveals Price Hikes

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Wall Street appeared to approve of the move, as Netflix shares were up almost 4% to $191 apiece in midday trading.

The price of the basic package, about $8 a month stays the same.

The company is scheduled to report quarterly earnings on October 16, which should offer a sense of its worldwide drive for subscriptions as well as any sign of a ceiling for USA subscription levels. For current customers, the price hikes won't go into effect until November and they would have at least 30-day notice before they saw the new prices reflected on their bill.

Netflix has several competitors in other streaming services like Hulu, that just grabbed a Golden Globe for best drama, that costs $7.99 a month with commercials.

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Despite the Netflix price increase, the company is still offering its streaming service cheaper than rivals. The company's premium plan, which gives users four streams and 4K content, is rising from $11.99 per month to $13.99 per month.

Netflix hasn't had a major change in its pricing scheme since 2014.

If you are enjoying your Netflix account, you will soon be paying a little bit more to keep doing so.

The higher pricing comes as the video streaming service spends heavily on original content and expanding outside the U.S.

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UBS maintains its "buy" rating on Netflix, with a 12-month price target of $225 per share.

The company remained committed to investing in original programming, saying it will release 40 feature productions this year ranging from "big-budget popcorn films to grassroots independent cinema".

Netflix rolled out a price increase past year and there was much investor worry about potential sub declines.

Netflix's selection of content changes from month to month as the service rotates out TV shows and movies while adding new ones.

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But some were ok with the increase, and thought it was worth it for all the shows and movies Netflix has to offer.

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