Netflix has reported last week that all of its tiers will raise their monthly subscription in the United States and Canada by $1 to $2 per month depending on a user’s plan. The last time it soared its prices was in October 2020. The said move has also made its stock price increase in the streaming market.

In the U.S., the standard high-definition subscription tier hikes from $13.99 to $15.49 (from ¥1591.52 to ¥1762.16) per month. Canada’s rate, meanwhile, goes up from C$14.99 to C$16.49 (¥1348.61 to ¥1483.56). The price jump goes into effect immediately for all new subscribers. In its statement with the news agency Reuters, the streaming service explained that the price hikes are happening to pay for new programming and give the platform the advantage to compete against a crowded streaming market, such as Hulu, HBO Max, Disney Plus, Sling TV, and Peacock. “We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a Netflix representative said. “We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options. As always, we offer a range of plans so members can pick a price that works for their budget.” About 74 million users between the U.S. and Canada can expect to see the higher rates on either their next bill or the one after (depending on what day the billing cycle falls).