Netflix Raises Streaming Price by $1

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.

STORY: Netflix's 'Orange Is the New Black' Renewed for Third Season

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."