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Netflix to increase subscription prices

Netflix(NEW YORK) -- Netflix is upping the cost of a subscription to the popular content streaming site, Variety reports Thursday.

The new cost of a two-stream subscription will be $10.99 per month -- one dollar higher than the current rate. The company's four-stream plan will also cost more, jumping from $11.99 to $13.99.

Shares of the company hit a new all-time high on Thursday.

The company has said it expects to operate with negative free cash flow for several years, in part due to the rising costs of content creation and acquisition.

The new, higher subscription rates will go into effect immediately for new subscribers. Existing subscribers will see their prices rise over the course of the next several months.

Netflix hadn't raised subscription prices since 2015.

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