Netflix just raised the price of a new membership by $1, the company has confirmed to Tech Insider.
Netflix's most popular plan, which allows for two people to stream simultaneously on one account, will cost $9.99 per month for new members, up from $8.99 per month.
Netflix told Tech Insider that existing members won't see their prices increase until a year from now.
"To continue adding more TV shows and movies including many Netflix original titles, we are modestly raising the price for some new members in the U.S., Canada and Latin America," Netflix said in a statement. "As a thank you to existing Netflix members -- who aren’t already benefiting from a previous price guarantee -- we will maintain their current price for a year."
Bloomberg's Lucas Shaw first reported the price increase.
Netflix spends billions of dollars per year on creating and licensing movies and TV shows. Next year, the company is expected to spend $5 billion on programming, according to an estimate from Tony Wible, an analyst at Janney.
Netflix last raised prices in the US for new members in May 2014.
Here are the different plans Netflix currently offers in the US:
Disclosure: Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member.
