Netflix has announced it will be increasing the price of its subscription packages for new and existing members.

The basic and standard plan will both increase to €8.99 and €14.99 a month respectively, while the premium tier will go up from €17.00 to €20.99.

The streaming giant has said that the price changes will allow it to "continue investing in best in class productions" and "offer a wide variety of curated quality shows and films" to customers.

A Netflix spokesperson said: "We have always been focused on providing our members both quality and clear value for their membership.

"Our updated prices reflect the investment we have made in our service and catalogue, and will allow us to continue making the series, documentaries and films our members love as well as investing in talent and the creative industry.

"We offer a range of plans so members can choose a price that works best for them."

The price change is immediate for all new members, while existing members will be notified by email 30 days before they come into effect, depending on their specific billing cycle.

Source: Press Association