Netflix will raise its prices as it begins financing new, exclusive programming. The changes will affect new subscribers beginning Oct. 5. The online streaming service's adjusted prices will roll out to its 53 million U.S. subscribers over the next few months.  

The last time Netflix hiked its prices was in 2015. The new prices will be $7.99 for the basic package, $10.99 for the standard plan and $13.99 for the premium subscription. The basic package will not see a price change, as it has remained the same since Netflix's launch in 2010. 

"From time to time, Netflix plans and pricing are adjusted as we add more exclusive TV shows and movies, introduce new product features and improve the overall Netflix experience to help members find something great to watch even faster," a Netflix spokesperson said in a statement issued to International Bussiness Times Tuesday. 

Current members will be alerted to the price change at least 30 days in advance, beginning Oct. 19. Subscribers will be notified by email, but the notification is also expected to appear as a notification within the service. Customer billing cycles will determine when the notification hits. 

Netflix couldn't provide more insight into the reasoning for the new price adjustment with IBT at this time.

Netflix has become a major buyer of original television programming and film. Its exclusive content, like "Orange Is The New Black," has won critical acclaim and earned coveted awards.

Netflix is beginning to encounter streaming competition as Hulu, Amazon and YouTube intend to beat it at its own game. The service's price change will grow its budget to stay ahead of its streaming competitors. 

"As we grow the membership base, we want to grow the current budget," Reed Hastings, Netflix's CEO, said at the Code Conference in May. "There are so many great shows we don't have yet."

Hastings added that the fight to boast exclusive content has been great for competition among newbies and exiting players. It has allowed Netflix and other streaming services to grow.

"It's been great for talent and writers," Hastings continued. "There is so much competition. All the new players and the existing players like HBO are beginning to grow. It is this new age of television."​ Netflix Netflix, pictured March 1, 2017, increased its prices to make way for exclusive content and new features. Photo: Getty Images