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Netflix is raising the price of subscription in the US. Its Standard subscription tier will now cost $9.99 a month instead of $8.99. The Basic and Premium tiers remain at the same price.

The price hike only applies in the US, Canada and Latin America. Us Brits aren't affected.

Standard is Netflix's most popular tier. It lets the subscriber watch the streaming service on two screens.

Existing subscribers won't be affected for another year.

Netflix said it would put the extra money towards developing more original shows.

It said in a statement: "To continue adding more TV shows and movies including many Netflix original titles, we are modestly raising the price for some new members in the US, Canada and Latin America.

"As a thank you to existing Netflix members – who aren't already benefiting from a previous price guarantee – we will maintain their current price for a year."

Netflix is facing increased competition from Amazon Prime Instant Video, and Apple, who will announce its streaming service in the New Year.

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