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Netflix hikes prices by $1 for new subscribers

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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.