Netflix's US price increases will hit users in May

It's hiking prices to help fund more original shows and movies.

Netflix revealed in January it would increase prices for US users and those in Latin American countries where it charges in US dollars. It told many subscribers this week the hikes will take effect in May, though the increases have been rolling out over the last few months. Those who signed up since Netflix announced the increases are already paying the higher prices.

The basic plan is rising from $8 to $9, while the standard package (which offers HD streaming on two devices simultaneously) is jumping from $11 to $13. The premium plan, which offers UHD streaming on up to four devices at once, will cost $16 instead of $14.

Netflix says it's increasing prices to help it pay for original shows and movies. Shows and movies such as Stranger Things, Our Planet, Black Mirror and The Irishman aren't cheap. Netflix is also shelling out for other popular programming for its library, including Friends. It spent $12 billion on content in 2018 and that figure is expected to rise to $15 billion this year.