Netflix Raising Prices Next Month

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MIAMI (CBSMiami) – The cost to watch your favorite shows and movies on Netflix is going up.

Last year, the popular streaming service raised the price to $9.99 a month for new customers. Existing customers with the standard plan were 'grandfathered in' and allowed to keep paying the older price of $7.99 a month.

But that's about to end.

In May existing customers who have the standard plan, which is the ability to stream on two screens at the same time and stream high definition movies, will pay the same rate of $9.99 a month. The change will affect about 17-million customers, or approximately one-third of Netflix's subscribers.

Those who have basic service, one stream at a time and no high definition movies, will still pay $7.99 a month.