Netflix is raising its price on its Standard plan to $9.99 per month, up $1, the company revealed Thursday. New customers will be immediately affected, while existing customers will be given a grace period before they see their rate increased.

Netflix's most popular plan, the Standard plan was formerly offered for $8.99 in the U.S.,Canada and parts of Latin America, but Thursday, Netflix had updated the price of Netflix Standard to $9.99 on its website.

The Standard plan allows for Netflix programming to be shared among two devices at the same time in either HD or standard definition. 

Netflix's price increase is similar to the European price change that occurred in August, which saw the Standard plan going up to €9.99 from €8.99, Bloomberg reports.

Netflix is continuing to expand its services to more countries throughout the world. Netflix is spending $4.3 billion in programming over the next year and over $5 billion over the next three years. Netflix said that in order to continue offering new programming, it needed to increase its prices slightly.

Netflix hopes that the prices increases and new customers from new markets will help finance their growth. Netflix already has over 65 million active subscribers worldwide.

The expansion into new countries is something Netflix wants to be finished by the end of next year. In 2015, it added Japan, Australia and New Zealand, Business Insider reports.

Netflix will thank its existing customers by offering them a one-year grace period before increasing the prices of their Standard service to the new rate.

For investors, Netflix has been an extremely successful stock. The stock price has more than doubled this year and it is the top performing stock in the S&P 500 in 2015. In late afternoon trading, Netflix was up over 4 percent to about $112.64.