Asian Tech Press (Nov 18) -- According to Korean media reports, streaming platform Netflix has announced that it will increase its subscription fees in South Korea on its official website.

The standard plan fee for two simultaneous streams will increase from the current 12,000 won to 13,500 won, and the premium fee for up to 4 users will increase from 14,500 won to 17,000 won, an increase of 12.5% and 17.2%, respectively. The basic price for one person remains at 9,500 won.

Netflix said of the price increase that the platform is raising fees for the first time since it began offering the service in Korea in 2016 in order to better continue its production and investment in Korean cultural content.