Netflix to raise prices

Video streaming company Netflix has announced Monday that they will be raising the price for subscriptions.

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Presently, the company asks $7.99 per month for the streaming service, but Netflix claims that prices will be raised one to two dollars by fall of this year. Prices in Ireland had already been raised by one euro, but has caused little change.

For those who already have a subscription, the price is to stay at $7.99 for what Netflix claims is “a very generous time period.”

CEO of Netflix Reed Hastings claims the slight raise in pricing is due to the company’s desire to grow. “If we want to continue to expand, to do more great original content… we have to eventually increase prices a little bit,” Hastings said.

The company has over 48 million subscribers, with over 2 million joining just this year, and part of this growing success is due to the creation of original T.V. shows that can only be viewed with a Netflix account. Some titles include House of Cards and Orange is the New Black with others that were distributed by Netflix for just one season. These shows include Arrested Development and Star Wars: The Clone Wars.

With original shows and the opportunity to expand, Netflix is set to charge their customers a couple bucks more before the end of summer.