Netflix (NASDAQ:NFLX) will add a new streaming service for members that allows up to four devices to stream video simultaneously, the company said in a letter to shareholders on Monday. Right now, Netflix members can stream content from up to two devices at the same time. 

The company said that some of its members max out of the $7.99-per-month two-stream limit option. The four-device option will cost $11.99 a month. Netflix expects about 1% of its customers to sign up for the new tier.

The new Netflix plan will put it one step ahead of rival Amazon.com's (NASDAQ:AMZN) Prime streaming service, which allows up to two devices to stream simultaneously. 

Netflix said in the statement that the new tier will be available "shortly," but has not announced an official date. 

Fool contributor Chris Neiger has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Amazon.com and Netflix. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.