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Netflix announces 17% price increase for UK customers: US costs growing soon

Netflix has raised its UK subscription price for new customers.

People joining the Internet media streaming service will now have to pay £6.99 per month, rather than the £5.99 that was required in the past.

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However, Netflix has told existing users that they will still be subject to the cheaper rate, but only if they stick to their current subscription model.

"As a thank you for being a member of Netflix already, we guarantee that your plan and price will not change for two years," the company said.

Last month, Netflix told shareholders of its plans to increase prices, but did not reveal which regions these changes would come into effect in.

Before implementing the UK price increase, the company ran a price hike test in Ireland, which it deemed successful. In that case, it raised prices from €6.99 to €7.99.

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It is understood that Netflix will make a similar move in the US towards the end of July.

Earlier this week, Citrix CEO Mark Templeton said that IT companies need to look towards the likes of Netflix and Amazon to safeguard the future success of the entire sector.