Netflix Raises Streaming Price by $1

6:47 AM PST 05/09/2014 by Hilary Lewis
Hector Viras/Latin Content/Getty Images
Netflix CEO Reed Hastings

The service announced that new subscribers would have to pay a higher monthly fee to stream TV shows and movies.

Netflix is raising the price of its streaming service by a dollar, it announced on Friday.

In an email to subscribers, the company revealed that the price of its streaming plan would increase from $7.99 a month to $8.99 a month for new members.

Existing subscribers will be able to continue to pay the same price for their streaming plan for two years, the email added.

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Netflix CEO Reed Hastings said last month that the company would raise subscription prices for new customers by one or two dollars a month within the next few months.

In Friday's email the company said the move was being made "in order to continue adding more movies and TV shows."

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