Netflix Hiking Prices—for Some
Only for new members, at least at first
By Evann Gastaldo, Newser Staff
Posted Apr 21, 2014 6:48 PM CDT
In this Friday, Jan. 17, 2014 file photo, a person displays Netflix on a tablet in North Andover, Mass.   (AP Photo/Elise Amendola, File)

(Newser) – The bad news: Netflix is upping its prices this quarter. The good news: If you're already a customer, you'll get a "generous" grace period during which you'll continue to pay the current $7.99 monthly streaming fee, the company announced today in its quarterly earnings release. The price hike will be $1 or $2 extra per month, the Los Angeles Times reports. It's not clear how long the grace period for existing customers will be, but in January, Netflix hiked prices for new subscribers in Ireland, and let existing customers keep their lower subscription fees for two years.

"Over the last couple years, we've been improving the content selection on Netflix," CEO Reed Hastings explains. "We have to eventually increase prices a little bit."