(Pocket-lint) - It's time to ask yourself how much $1 means to you. Actually, make that $12.

Netflix has announced that it is raising the price of its most popular streaming plan to $9.99 per month. That's $1 more expensive than the the previous monthly rate of $8.99. The change is effective immediately, meaning all new subscribers will have to pay $12 more a year than existing customers - who won't have to pay the higher price until October 2016. 

The plan, which is the standard plan that most people tend to get, offers two simultaneous streams for each customer and high definition streaming. If you want a cheaper plan, the non-HD one for $7.99 a month is still available. Also, for those of you who are ballers, you can alternatively subscribe to a premium plan for a whopping $11.99 a month.

That plan allows four simultaneous streams for each customer. Check out Netflix's website to see exactly how all the plans differ. In response to an angry person on Twitter, Netflix explained that it's raising the price of its middle-tier plan for new customers in the US, Canada, and parts of Latin America in order to bring more "great content" to users.

Keep in mind Netflix also hiked pricing for its standard plan in Europe last May. It's now £6.99 (from £5.99) a month, which converts to about $10.73 USD. On Netflix's UK website, pricing is listed as $9.99 USD for the standard plan.

Writing by Elyse Betters.