Get ready to tighten your belts, Netflix announced today that they plan on increasing the price of their subscription sometime soon. In an email sent out today to Netflix shareholders, CEO Reed Hastings announced that the price should be going up “by one or two dollars, depending on the country.”
Price increases are never really crowd pleasers, but Netflix in particular has not had a good history with them. To ease these concerns, Netflix has laid out a plan to keep current customers on their $7.99 price structure for a “generous time period.” Only users that sign up after this price increase will be locked into it. Hastings wrote today that the price increase will allow Netflix to “acquire more content and deliver an even better streaming experience.”
The shareholder email said that this plan is set for “later this quarter,” which means sometime before summer starts. If you don’t subscribe to Netflix already, now might be a good time to join and get a few months of the $7.99 pricing before it goes up.