On Tuesday, Netflix (NASDAQ:NFLX) unveiled a new streaming video subscription plan that allows more users to watch content simultaneously.
Shares of Netlfix soared more than 23% in Tuesday morning trading, driven mostly by quarterly earnings that topped Wall Street expectations.
The company’s current single user plan, priced at $7.99 a month, allows up to two video streams at once. For $11.99 a month, the company will allow up to four simultaneous streams, Forbes notes.
Aimed at families with multiple mobile devices or Internet-connected televisions, the plan could also be used by people who want to permit multiple friends or roommates to use their Netflix account.
Company officials indicated that they only expected about 1% of users to subscribe to the new plan.
In the last quarter, Netflix had 29.17 million paid subscribers. That topped the 28.7 million paid subscribers reported by Time Warner‘s (NYSE:TWX) cable network HBO in the final quarter of last year.
In May, Netflix will release 15 new episodes of the cult TV show Arrested Development. The company has been developing its own original programming in order to attract more streaming viewers.