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Too late! Netflix prices just went up

Were you thinking about subscribing to Netflix? Well, you should've thought of that earlier. That price hike I warned you about is here.

Netflix, fresh off a boring logo redesign, has raised its subscription price by $1 to $8.99 a month. If you're already subscribing at the $7.99 rate, you'll keep that for two years. But don't cancel. If you do and then resubscribe, you'll be bumped to the new price.

Netflix says the increase in price will help it add more movies and television shows to its lineup and deliver an “even better streaming experience.” As TIME’s Victor Luckerson reported, the company is under pressure to pay high licensing fees to studios—almost $3 billion for shows and movies this year.

“If we want to continue to expand to do more great original content, more series, more movies, we have to eventually increase prices a little bit,” CEO Reed Hastings said in a video conference with analysts in April. “You’re talking about a dollar or two difference per month, so I don’t think that it’s a huge difference.”

Are you looking to ditch cable and use a streaming TV service instead? Here's what you need to know about cutting the cord on cable.

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Source: Time
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