Netflix to increase rates for 17 million users next month

Nation/World
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17 million people are about to see a larger bill from Netflix - and most who use the DVD rental and streaming service have no idea.

Netflix began to raise the price of the streaming plan for new subscribers in May 2014 from $8.99 to $9.99 per month. Existing subscribers were grandfathered into a $7.99 plan.

This May those grandfathered subscribers will be charged $9.99. A recent survey found 80% of people in the grandfathered plan didn't know the price hike was coming, Business Insider reports.

Netflix's new monthly rate is still cheaper than a commercial free Hulu subscription, which runs $11.99 a month. It is more expensive than an Amazon Prime subscription that costs $99 annually.

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