CONSUMER ALERT: Get ready to pay more for your Netflix account

CLEVELAND, OH (WOIO) - It's going to cost you more for your Netflix account as you'll find out very soon.

Netflix will be sending out notifications starting Oct. 19 to current customers by for those who are thinking about signing up now the new prices are already in place.

This will be the first increase since October 2015 according to CBS News MoneyWatch.

Here's what the cost of current and new packages will be:

Basic plan: $7.99 (stays the same) Standard definition, no HD, 1 screen at a time

Standard plan: $10.99 (up $1) HD, 2 screens at a time

Premium plans: $13.99 (up $2) HD, Ultra HD, 4 screens at a time

Why the increase?

Netflix continues to increase its budget to produce original content or shows for subscribers.

The company announced this week it will spend about $6 billion in new programming this year following the success of shows like "House of Cards," "Orange is the New Black" and "Stranger Things."

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