The basic and standard plan will both increase by £1 a month to £6.99 and £10.99 respectively. The premium tier plan will rise by £2 to £15.99.

The adjusted prices will be effective immediately for any new customers, but existing customers will remain at their current tariff until 20 May.

Netflix also increased the cost of standard and premium subscriptions in January 2021.

Myron Jobson, senior personal finance analyst at interactive investor, said: “The escalating cost of living crisis has left many of us looking for ways to cut back on spending. The hike in cost of a Netflix subscription, the second in less than 18 months, might seem modest but it could be enough to switch many off the streaming giant. In fact, it already has made an impact.”

The streaming service recently announced it had lost 200,000 subscribers globally during the first quarter and expects to lose 2 million global subscribers in the current quarter, as other streaming services such as Amazon Prime and Disney Plus pick up subscribers.

“Netflix reimagined what it means to watch TV in the 21st century but is it still worth the money when so many other streaming services now exist? The answer ultimately depends on how often you use it,” says Jobson. “There is little point in paying a monthly subscription fee for something you seldom use. Similarly, if you are already subscribed to other streaming services which you use more often, you may find a Netflix subscription just isn’t necessary. But equally, you might decide to trim other entertainment streaming services – there’s nothing wrong with being a ‘streaming surfer.’ Ultimately, the competition in the market should, in theory, keep the quality high across all the platforms. Just make sure you are not over-subsidising the entertainment giants if you aren’t avidly using them all. Streamlining your streaming services could save you a lot of money over the long term.”