Netflix Planning to Raise Prices

Netflix Inc. will increase subscription prices for new customers by $1 or $2 while existing customers will continue at their current rate – for now.

U.S. streaming subscribers pay $7.99, CNN Money reported, and Netflix CEO Reed Hastings said that "If we want to continue to expand, to do more great original content...we have to eventually increase prices a little bit."

The price increase for new customers would come in the next month or so, Reuters reported. As for existing customers, Reuters reported that Hastings said prices would stay the same for a year or two.

Netflix reported earnings of 86 cents a share on sales of $1.27 billion, CNBC reported.

Netflix has begun producing its own original series including the acclaimed 'House of Cards' starring Kevin Spacey and the popular 'Orange is the New Black.'

CNN Money reported that Netflix added 2.25 million new streaming customers so far this year. Overall it has 36 million subscribers in the U.S.