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April 08, 2016

Report: Netflix prices increasing; most customers unaware

If you've had a Netflix account before May 2014 and still subscribe to the standard streaming plan, chances are you are going to be paying more for the service.

Millions of customers are not aware of the impending hike in price, according to a Business Insider report.

When the company raised the price of its standard plan in May 2014, existing customers were locked into the $7.99/month plan for a period of two years.

Well, next month marks two years and those customers will be bumped to the current rate, which is $9.99/month.

Business Insider reports that the change will affect 17 million people.

Subscribers who want to continue paying $7.99/month have an option. However, it's not an attractive one. Netflix offers a basic plan, but users would need to give up access to high-definition streaming and the ability to access content on two screens at the same time.

Netflix has more than 75 million members worldwide, according to the company's website.

[ Check out the full report here. ]