Netflix to increase rates for 17 million users next month

Posted at 9:34 AM, Apr 08, 2016
and last updated 2016-04-08 16:09:55-04

About 17 million people will soon see a larger bill from Netflix and most who use the DVD rental and streaming service have no idea.

Netflix began to raise the price of the streaming plan for new subscribers in May 2014 from $8.99 to $9.99 per month. Existing subscribers were grandfathered into a $7.99 plan.

This May those grandfathered subscribers will be charged $9.99. A recent survey found 80% of people in the grandfathered plan didn’t know the price hike was coming, Business Insider reports.

Netflix’s new monthly rate is still cheaper than a commercial free Hulu subscription, which runs $11.99 a month. It is more expensive than an Amazon Prime subscription that costs $99 annually.