In brief: More bad news for entertainment enthusiasts on Thursday as Netflix said it is raising the cost of its most popular subscription tier in the US by $1, to a new total of $14 per month. Those who subscribe to Netflix's 4K resolution package will see rates increase by $2 per month, to $18. Netflix's entry-level tier remains unchanged at $9 a month.

A dollar here or two bucks there may not seem like much but multiply the numbers by the millions of paying subscribers Netflix enjoys and it's easy to see how it adds up.

Netflix's share value is up nearly four percent on the news. As of writing, shares are trading at $504.21 each.

Bloomberg said the price changes will go into effect immediately for new subscribers. Existing members should see the new rates reflected in their billing statement over the next two months.

Netflix said they are updating their prices in order to be able to continue to offer a variety of TV shows and films. "As always, we offer a range of plans so that people can pick a price that works best for the budget," the company added.

Netflix last announced a price hike in the US back in January 2019, adding $1 to the standard option and $2 to the mid-grade tier. The Ultra HD tier also jumped $2 at the time.

Masthead Credit: Lutsenko_Oleksandr, Vantage_DS