Netflix,Â television streaming giant will raise its price as much as $2.00 a month for new members. Existing customers, who utilize the $7.99 all-you-can-watch plan will keep the same rate for a “generous time period”, according to the company.
“If we want to continue to expand to do more great programming, we have to eventually increase prices a little bit,â€ said Netflix CEO Reed Hastings. In an effort to provide more original programming such asÂ House of CardsÂ andÂ Orange Is The New Black,Â a slight increase in rates seemed inevitable.
This is the first price hike for the company in four years. In 2011, the company took a hit by attempting to raise prices without notice.