The cost of a Netflix subscription in the UK and Ireland is set to increase for the second time in less than two years as the streaming giant faces fierce competition from rivals.

Netflix, which has about 14 million UK subscribers and 600,000 in Ireland, according to Ampere Analysis, is set to raise the price of its most popular package, which offers simultaneous viewing on two screens, HD and the ability to download shows and films to two devices, to £10.99 a month.

The price increase come after Netflix similarly raised subscription fees in the U.S. and Canada in January, amid a tide of new competitors and its continued spending on original content like the hit series "The Crown," whose fifth season is set to bow in November.

"We have always been focused on providing our members both quality and clear value for their membership," said a Netflix spokesperson.

"Our updated prices reflect the investment we have made in our service and catalogue and will allow us to continue making the series, documentaries and films our members love as well as investing in talent and the creative industry. We offer a range of plans so members can choose a price that works best for them."

The company is also raising the price of its basic package for the first time in a decade. The entry-level plan, which allows viewers to watch only one screen at a time and download to one device, will rise by £1 a month to £6.99.

The cost of Netflix's premium plan, which allows Netflix to be watched on up to four different screens at a time and downloads to up to four devices, will increase by £2 a month to £15.99.

In Ireland the basic plan will rise by €1 to €8.99, the standard package will increase from €12.99 to €14.99 and the premium tier will rise from €17.99 to €20.99.

The price rises will come into effect immediately for new subscribers. Existing subscribers will get 30 days' notice by email, depending on their billing cycle.

According to Netflix, there's a "growing global appetite for British content."

The UK is Netflix's biggest production base for TV shows and films outside the US with a $1bn annual content spend.

Before the two rounds of price rises, Netflix's most popular tier cost £8.99 and its premium plan cost £11.99.