Netflix Hiking Prices In October

LOS ANGELES (CBSLA) – Netflix is raising its prices yet again as it continues to pour money into original content while competing with the likes of Hulu and Amazon.

The streaming media giant confirmed Thursday to CBS News that the price of its standard plan will increase by $1 to $10.99 a month. Its premium plan will increase $2 to $13.99 a month.

The company's basic plan will stay put at $7.99.

The basic plan allows you to stream on only one device at a time in standard definition. The standard plan can stream on two devices, while the premium plan can stream on four. Both have high definition.

The price hike takes affect Thursday for new members. Current members will see their rates go up over the next several months.

Netflix last raised prices in October 2015, according to CBS News.

In July, the Los Angeles Times reported that Netflix was $20 billion in debt. Chief Content Officer Ted Sarandos said this week Netflix is planning to spend $7 billion on content in 2018, according to CNN.