The premium service, which provides viewing on up to four screens (plus ultra HD content access), is $13.99, up from $11.99.
The price increase should come as no major surprise since Netflix continues to produce some of the most popular series out there, Stranger Things, Orange Is The New Black and House of Cards being the most well-known shows to come from the platform.
Shares in the global streaming pioneer rose as much as 4.5 percent to a record high of $192.80.
The price changes applied immediately to new customers and will roll out in the weeks ahead to current subscribers. Subscribers to the lowest, $7.99 plan will not see an increase in price, according to Mashable's report. The streaming behemoth announced that prices would be going up in November. "The content, not price, is the leading churn/churn-back factor amongst Netflix subs".
Most of the subscriber growth came from outside the United States, where Netflix has invested heavily in establishing itself as a global television service. The price increases take effect over the next several months, Netflix says, with all subscribers will be notified at least 30 days in advance, based on their billing cycle.
The company remained committed to investing in original programming, saying it will release 40 feature productions this year ranging from "big-budget popcorn films to grassroots independent cinema".