You can be on Entrepreneur’s cover!

It's Official: Netflix Raises Prices by $1 a Month Netflix raised its subscription prices for the first time in three years, but only on new customers.

By Laura Entis

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

We knew it was coming. But as of today, it's official. Netflix is hiking up its prices for new subscribers, charging them $8.99 instead of $7.99 a month.

For those of you already binging on the service, fret not: as rumored, Netflix will exempt current subscriptions from the price hike for another two years.

This is the first price increase for the Los Gatos, Calif-based company in three years. Last time around was pretty disastrous. Netflix increased its prices 60 percent overnight, pissing off 800,000 customers so much that they dropped the service.

Netflix has clearly learned its lesson – when it comes to price increases, subtle is a good approach. Drastic? Not so much. This time, the price hike was announced in advance, it's a pretty modest jump and existing customers won't pay the new price for another two more years.

Related: Learning From Past Mistakes, Netflix Takes New Approach to Price Hikes

Laura Entis is a reporter for Fortune.com's Venture section.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

This Highly-Debated Piece of Cinematic History Just Sold For Over $700,000 at Auction

The wood panel from "Titanic" is often mistaken as a door. Either way, he couldn't have fit. (Sorry.)

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

From Tom Brady to Kevin O'Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse

The crash exposed an $8 billion hole in FTX's accounts, leaving investors and customers scrambling to recoup their funds.

Fundraising

Avoid These 9 Pitch Deck Mistakes When Asking Others For Money

Crafting an efficient pitch deck requires serious effort, but at least it's not wandering in the dark since certain rules are shaped by decades of relationships between startups and investors.