Netflix Subscription Price for New Streaming Customers Goes Up by $1

Friday, 09 May 2014 05:50 PM

By Morgan Chilson

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Netflix's subscription price went up by $1 a month Friday for a video streaming plan, but current users are grandfathered in to keep their $7.99 a month plan for two years.

In addition to increasing the price for its popular streaming plan to $8.99 a month, Netflix also will change the plan to allow only one video stream at a time; currently, the $7.99 plan allows two video streams concurrently.

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Netflix said on its website that it would add a $7.99 plan that allows streaming of one video in standard-definition.

Analysts told Reuters it was unlikely Netflix customers will be as angry as they were when the company hiked rates 60 percent in July 2011. At the time, Netflix lost customers and its stock suffered a drop.

Although $1 a month is a small increase, Time magazine assessed how much Netflix stands to gain, based on estimated new customer accounts. Time writer Victor Luckerson said the company could earn $148 million of additional revenue over the next two years if customer signups stay about what they have been in the past.

Reuters said customers receiving videos by mail won’t see a price hike.

Some Netflix customers didn’t take the announcement well, and many pointed to a company promise in 2011 that rates wouldn’t increase.

“I find it funny that they think we are so quick to forget and stupid to just accept this," a commenter wrote on the Netflix blog. "Once again I am furious you all would lie to use and then try to trick us into yet another price hike."

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