In an email, Netlfix — which still rents DVDs under other subscription plans — announced that new subscribers who opt for the streaming service-only plan will pay $8.99 per month, up from $7.99. However, existing Netlfix subscribers won’t be hit with the Netflix price hike for two years, TechCrunch notes.
This isn’t the first Netflix price hike. In 2011, Netflix decided to separate its streaming and DVD-by-mail subscription plans. Customers who wanted to subscribe to both services saw a massive Netflix price hike when combining the plans, resulting in consumer blow-back and a PR debacle for Netflix.
Rumors of the coming Netflix price hike circulated last month.
NFLX stock climbed modestly in Friday morning trading on news of the Netflix price hike. NFLX stock closed a $321.66 a share on Thursday.
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