Netflix hikes US monthly subscription price by 10%

Online streaming platform Netflix has raised the monthly price of its most popular streaming plan in the US.

The two-stream HD tier is now available for $10.99 per month for new subscribers while existing customers will be moved to the new rate over the next few months. This is $1 per month more from the previous $9.99 monthly fee.

The company also increased the monthly fee for its four-stream family plan, from $11.99 to $13.99 per month. That "premium" tier also includes select content in Ultra HD 4K format, reports variety.com.

This led to shares of Netflix hitting a new all-time high, climbing more than 4 per cent and peaking at $192.80 per share in Thursday morning trading.

According to variety.com, Netflix is spending around $6 billion on programming this year, and it is projected to rise to $7 billion in 2017.

Netflix had last raised prices in October 2015, when the two-stream plan increased from $7.99 to $9.99. As of the end of June, the company had about 52 million US streaming members.