Netflix is raising the prices for long-time subscribers, with many unaware the cost of a subscription is about to be hiked according to analysts.
A new entry-level Netflix subscription in the US now costs US$9.99 per month, but customers who were paying for the service before two separate $1 a month price hikes for new subs, remained on the earlier US$7.99 rate.
From next month these ‘grandfathered’ subs will be charged the regular US$9.99 rate. The change will hit about 17 million, or 37%, of the streaming service’s customers and as many as 80% of these are unaware of the upcoming price rise, Business Insider was the first to report.
It added that investment bank UBS estimates this will result in churn of 3-4% among the group of subs facing the price rise.
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