Netflix said Thursday it will be increasing its standard monthly price to $9.99 a month, starting Nov. 11.



The price hike will only immediately affect new customers and existing customers will continue paying $8.99 a month until October 2016.

Netflix took to its Twitter account to address customer concerns on the matter.

Tweet

The company's basic plan, which does not provide for high-definition video playback and can only be used on one screen at a time, will remain at $7.99 a month.