Netflix users could see their price jump up by £24 per year as the streaming service announced a price hike starting in February.

Subscribers face a price increase of up to £2 per month as the streaming giant started informing customers of new subscription fees from this week.

The firm is increasing its standard package – which allows two screens to access an account, as well as HD – by £1 per month, from £8.99 to £9.99.

The premium package – providing four-screen access per account and Ultra HD – is bumped up by £2, from £11.99 to £13.99.

Netflix said the price hikes are essential to reflect the “significant investments” it has made in new TV shows and films.

The CrownNetflix says the increases are needed due to ‘significant investments’ in shows such as The Crown (Ian West/PA)

However, the one-screen non-HD basic plan will remain at £5.99 per month.

Netflix began raising subscription costs for new members in December.

Existing customers will be notified by email and will also receive a notification within the Netflix website and app a month ahead of their price change, based on their billing cycle.

“This year we’re spending over one billion dollars in the UK on new, locally made films, series and documentaries, helping to create thousands of jobs and showcasing British storytelling at its best – with everything from The Crown to Sex Education and Top Boy, plus many, many more,” a Netflix spokesperson said.

“Our price change reflects the significant investments we’ve made in new TV shows and films, as well as improvements to our product.

“Our basic membership will remain at the same price, ensuring as many people as possible can enjoy our content.”