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Netflix to hike price by $1/month on standard plan to $9.99

Netflix said Thursday it will be increasing its standard monthly price to $9.99 a month, starting Nov. 11.

The price hike will only immediately affect new customers and existing customers will continue paying $8.99 a month until October 2016.

Netflix took to its Twitter account to address customer concerns on the matter.

The company's basic plan, which does not provide for high-definition video playback and can only be used on one screen at a time, will remain at $7.99 a month.

Netflix's premium plan will also remain steady at $11.99 per month.

The streaming giant's stock popped on the news and rose more than 2 percent in afternoon trading.