Netflix announces summer price rise as profits surge

Netflix is preparing a sequel unlikely to be a hit with subscribers – the internet video service is about to raise its prices for the first time in three years to help pay for more programming such as its popular political drama House Of Cards.

The increase, to take place some time before July, will raise prices by one or two dollars a month for new customers. The company’s nearly 36 million current subscribers will continue to pay eight dollars (€5.79) per month for at least the next year, Netflix chief executive Reed Hastings said.