Netflix hikes prices by $1 for new subscribers

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Netflix hikes prices by $1 for new subscribers
(Image credit: Thinkstock)

That dreaded Netflix price increase is finally happening. New members will now have to pay a dollar more each month, making a monthly subscription $8.99. Existing subscribers don't need to worry yet, though, as their current rate will be locked in for another two years. Other regions, such as the United Kingdom and Europe, also experienced £1 and €1 hikes, respectively, too.

The increase comes after Nefflix CEO Reed Hastings warned subscribers last month that more expensive prices were imminent. This is first time Netflix has boosted its price since it introduced an all-streaming plan in 2011.

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Jordan Valinsky is the lead writer for Speed Reads. Before joining The Week, he wrote for New York Observer's tech blog, Betabeat, and tracked the intersection between popular culture and the internet for The Daily Dot. He graduated with a degree in online journalism from Ohio University.