Apr 12, 2016 11:15 PM EDT

Netflix Update: Service Increases Monthly Price For Longtime Subscribers

A recent Netflix update revealed that the streaming service has increased the monthly price for its grandfathered subscribers. The latest price hike was in 2014.

The Verge reported that all Netflix users may soon be paying $9.99 a month for the service. Several longtime subscribers are expected to see their monthly bill increase for next month. The new price is $2 higher than its previous price point. Since October, new customers have been charged with $9.99 for the service's most popular plan.

In May 2014, Netflix announced a price hike from $7.99 to $8.99. However, the company had promised its existing customers that they can continue paying the old price for two years.

"To continue adding more movies and TV shows and delivering a great streaming experience, we previously announced that we planned to increase our price slightly for new members," a spokesperson for the company said two years ago. "That increase is happening today."

Next month, subscribers can expect a higher monthly bill for the subscription. The company has stated that it will be sending an email to affected customers to let them know about the upcoming increase.

"I'm not going to be cancelling Netflix over a $2 increase, though - and I'd wager that's true of a lot of people," Chris Welch wrote. "$9.99 is still that 'reasonable' ceiling. Hike it to $14.99 or $19.99 and the conversation would change drastically. But for now, I'm still in."

Netflix has also ended its legacy pricing for longtime subscribers in the UK. Wired reported that the £5.99 (about $8.50) legacy pricing will be rising to the current £7.49 (about $10). According to Seeking Alpha, the increase is believed to impact 37% of US customers. This is about 17 million people.

In a survey by UBS, 41% of the respondents revealed that the increase would be enough for them to cancel their Netflix subscription. The publication noted, though, that the drop could only be as low as 3% or 4%.

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