Netflix is raising its prices once more.

The streaming giant is upping the cost of its standard ad-supported tier to $7.99 a month in the U.S., up from $6.99 and the cost of the premium tier is increasing by $2, to $24.99. The standard plan is increasing to $17.99 from $15.49.

The cost of adding an extra member on a plan without ads is increasing to $8.99 from $7.99.

Price changes are taking place across most plans in the U.S., Canada, Portugal and Argentina. They kick in Tuesday for new customers and start with the next billing cycle for existing customers. This is the first price hike on the ad-supported tier. The last major U.S. price hike took place in October 2023, when Netflix raised the price of the standard plan to $11.99 from $9.99 to per month in the U.S.and brought the Premium price to $22.99 from $19.99.

Additionally, Netflix is expanding its offering of the Extra Member with Ads plan, in 10 out of the 12 countries where the streamer has an ads plan. That offering will continue to $6.99.

Netflix cited the platforms increased investment in programming as the reason behind the price increase.

As we continue to invest in programming and deliver more value for our members, we will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix, the companys shareholder letter read.

Netflix spends about $17 billion per year on content, and executives had previously said they saw that number as remaining roughly flat, give or take, as of the fall. However, the company has also been investing in more live sporting events, including the matchup between Mike Tyson and Logan Paul, the NFL Christmas Day games and WWEs weekly show Raw.

The news comes as Netflix also announced adding a record-breaking 19 million subscribers in the fourth quarter to reach 302 million subscribers. Netflix reported $10.2 billion in revenue, and operating income of $2.3 billion.