It will soon cost you a bit more to binge watch all your favorite shows and movies on Netflix. The popular streaming service announced that it's hiking it's rate for their standard streaming plan from $8.99 a month to $9.99 a month. The one dollar a month increase will apply right away to new subscribers in the U.S., Canada and Latin America. But most won't see the increase for a while longer.

Existing customers won't see the price increase for one year. If you're like me and have had Netflix prior to May of 2014, you're still only paying $7.99 a month. Look for the bump to happen in May of 2016. In announcing the price hike yesterday, Netflix said that the rate increase will allow the company to pursue more great content, original and licensed, to the streaming service. Bring me better movies, and I'm willing to pay a dollar more a month.