Netflix plans to hike prices for new subscribers

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 €1 or €2 a month for new customers. The company’s nearly 50m subscribers will continue to pay €7.99 at the present rate for at least the next year, Netflix chief executive Reed Hastings said.

“When we look at the shows and movies that we will be able to get if we have a bigger budget, it’s exciting,” Mr Hastings said. “We want to make the service better and better so more people will join.”