Netflix Raising Prices

Netflix is getting more expensive. The video rental and streaming service is raising its monthly subscription prices a buck or two for new customers.

Netflix made the announcement yesterday, with plans to move forward with the rate hike later this year. The higher fees will go towards buying more content for its nearly 50-million subscribers. Existing Netflix customers currently pay $7.99 a month and new customers are expected to pay $8.99 or $9.99 a month.

The last Netflix raise in 2011 caused some backlash after the company decided to split its DVD by mail and streaming services. The company bounced back when its streaming service caught on with more users.

Existing customers won't see any price changes for some time.