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Netflix to increase subscription prices

Netflix to increase subscription prices
Monday, April 21, 2014 - 4:15pm

NEW YORK (CNNMoney) -- Netflix prices are going up.

The streaming video company said Monday that it planned to increase subscription prices for new customers by one or two dollars a month within the next few months. Existing subscribers will be able to continue at their current rate "for a generous time period," Netflix said.

U.S. streaming subscribers currently pay $7.99 a month, a plan introduced back in 2010. The company raised monthly fees for new subscribers in Ireland by one euro back in January, a change that it said had "limited impact."

"These changes will enable us to acquire more content and deliver an even better streaming experience," Netflix said in its quarterly letter to shareholders.

The news came as part of Netflix's first-quarter earnings announcement. Shares surged 6.5% in after-hours trading Monday, after another quarter of strong subscription growth and earnings that came in ahead of analyst expectations.

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